The International Energy Agency (IEA) may release more oil in future if it is necessary, its executive director Fatih Birol said on May 12 during a visit to Warsaw.

The IEA said separately on May 12 that the world will not be left short of oil even with lower output from sanctions-hit Russia.

In two recent moves the IEA released only 9% of what it has in stock.

“If there’s a need in the future, and our governments decide so, we will be again coming to the market to address supply disruptions,” Birol told a news conference.

Birol also said that Russian oil production would fall by at least 3 million bbl/d in the second half of 2022.

He said that the summer may be challenging for the oil market, while winter may be challenging for the gas market.