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Market Chatter: IEA not Considering Second Strategic Reserves Release This Moment

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International Energy Agency chief Fatih Birol on Monday said the agency is not considering a second round of strategic oil reserve releases at the moment, Reuters reported.

Talking to Reuters on the sidelines of an energy conference in Norway, Birol said the IEA was monitoring energy markets closely and that 80% of its strategic reserves remained following the release of 400 million barrels in March.

Voicing concerns about Europe's gas storage levels, currently around 62% with the EU aiming to reach 80% by Dec. 1, Birol warned a harsh winter could create supply challenges.

Gas stocks are below historical averages, and Europe is still relying on Middle Eastern supplies while committing to end Russian gas imports, he added.

has reached out to the IEA separately for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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