IEA Chief Warns Of Energy Market "Volatility"

TORONTO, May 8 (Bernama-Xinhua) -- International Energy Agency (IEA) Executive Director Fatih Birol warned here on Thursday that the global energy markets have entered a period of volatility, promising additional strategic reserve release if supply disruptions continue, reported Xinhua.

"In my view, the name of the game could well be the volatility; as such, oil security will still be a key issue," Birol said at the Canada Growth Summit 2026.

He said that the markets are headed into "troubled waters" as the Iran war continues to knock out millions of barrels of oil each day, adding that any return of supply would likely be gradual once the war ends.

According to him, the IEA is prepared to further release strategic reserves if supply disruptions persist. The agency has already released 20 per cent of available oil reserves to mitigate rising prices.

Birol urged Canada, the world's fourth-largest oil producer, to diversify its energy export destinations, noting that countries seeking reliable energy partners in the wake of the Iran war would see Canada as an obvious choice.

During his visit to Canada, Birol met with Canadian Prime Minister Mark Carney and senior government officials in Ottawa to discuss the energy crisis. Talks focused on the impact of disruptions in the Strait of Hormuz and Canada's potential to become a primary global energy exporter to fill the supply gap. 

--BERNAMA-XINHUA