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Member countries of the International Energy Agency (IEA) may release additional oil to global markets if needed, the agency’s Executive Director Fatih Birol said, warning that recovery could take time even if shipping resumes through the Strait of Hormuz, AzerNEWS reports.

“I very much hope that the situation will stabilize soon and the markets will be able to begin the recovery process. But, of course, we must be prepared for the fact that this may take some time,” Birol said in a video message.

The IEA has already announced the release of 411.9 million barrels of oil from strategic reserves in a bid to stabilize global prices. According to Birol, this move will reduce member states’ reserves by about 20%. In total, IEA countries hold more than 1.2 billion barrels in strategic reserves, along with an additional 600 million barrels in state-owned industrial reserves.

Birol also noted that non-member partner countries such as India, Colombia, Singapore, Thailand, and Vietnam could join coordinated releases if necessary.

The developments come after military operations launched by the United States and Israel against Iran led to restrictions in shipping through the Strait of Hormuz, the only sea passage linking the Persian Gulf to the Indian Ocean. The disruption pushed Brent crude oil prices to their highest level since March 2022.