IEA warns energy markets will not normalize in 2027, signals readiness to release more reserves

IEA chief Fatih Birol told an industry gathering in London that energy markets face "overlapping crises" and will not return to normal in 2027.

• Birol said IEA member countries "will not hesitate to look into the option of releasing further stocks" of emergency reserves if needed.
• Brent crude, the global oil benchmark, is trading above $111 a barrel.
• The IEA said around 330 million barrels of a 400-million-barrel emergency release agreed in March have been issued, with about 100 million more to follow.
• Diesel prices have doubled from pre-war levels, Birol said, in part due to attacks on refineries in Russia.