-- The head of the International Energy Agency Fatih Birol said Thursday that global energy markets are headed for "troubled waters" with millions of barrels of oil and large volumes of gas missing from the energy trade since the Iran war began in late February, Reuter reported.
Birol told a conference in Toronto that the volatility that the market has seen will probably continue and the end of the war will enable a gradual rather than immediate restoration of pre-war energy flows.
"In my view, the name of the game could well be the volatility, as such, oil security will still be a key issue," Reuters quoted him as saying during a speech at the Canada Growth Summit.
He also called on Canada, the world No. 4 oil producer, to find new offtaker countries for its oil production, given that oil from stable origins is likely to be highly sought after in future, after the tumult in the Middle East.
Birol said that the IEA remained willing to release more barrels of oil from its strategic reserves if necessary, noting that 20% of the total amount has already been brought to market to stem the sharp rise in prices.
has reached out to the IEA seeking comment on Birol's declarations.
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