Speaking at the National Press Club in Canberra, Birol said the agency would assess market conditions before deciding on further action, after member countries agreed on March 11 to release a record 400 million barrels from strategic reserves to ease surging crude prices.

“If it is necessary, of course, we will do it,” Birol said, adding there was no fixed price threshold that would automatically trigger another coordinated release. He cautioned that stock drawdowns could help stabilise markets but would not resolve underlying supply constraints.

Birol said the Asia-Pacific region was at the forefront of the crisis due to its reliance on energy and critical commodities shipped through the Strait of Hormuz, a key maritime corridor affected by the conflict.

He described the current situation in the Middle East as “very severe,” saying its impact exceeded that of the 1970s oil shocks and the gas market fallout from the Russia-Ukraine war combined.

According to Birol, the conflict has removed around 11 million barrels per day from global oil supply, intensifying pressure on economies dependent on imports.“The single most important solution to this problem is opening the Hormuz Strait,” he said.

Birol said stock releases represented only one element of the agency’s response, pointing to demand-side measures such as reduced speed limits and increased remote working to curb fuel consumption.

He noted similar steps had helped lower energy use in Europe in 2022, though implementation would depend on national policy decisions.

“The depth of the problem was not well appreciated by decision makers around the world,” Birol said, explaining his decision to speak publicly weeks into the conflict.

During his visit, Birol met Australian Prime Minister Anthony Albanese and reviewed the country’s fuel preparedness. While noting that Australia’s overall liquid fuel reserves remain below IEA requirements, he said recent efforts had improved resilience.

He described Australia’s diesel reserves, currently at around 30 days, as “a solid number” in the current environment.

Birol is scheduled to travel to Japan later this week ahead of a Group of Seven meeting, where energy security and coordinated responses to the supply shock are expected to be discussed.

The Kingdom’s participation as an invited country highlights its expanding engagement in international affairs and its constructive contribution to addressing global challenges.

The meeting, hosted and chaired by Canada, brings together leaders and ministers from the world’s major economies. It provides an important platform for dialogue on critical global issues, including economic stability, energy security, and maritime safety, as well as cooperation on vital minerals and supply chain resilience.

Saudi Arabia’s invitation to the G7 meeting reflects the international community’s growing recognition of its strategic influence in global affairs.

Under Vision 2030, the Kingdom has pursued an ambitious agenda of economic diversification, environmental sustainability, and international collaboration, aligning its national goals with the world’s shared interests.

Prince Faisal’s presence at this high-level gathering underscores the Kingdom’s active diplomatic engagement and its ongoing efforts to promote peace, stability, and sustainable development worldwide.

Through constructive dialogue and multilateral cooperation, Saudi Arabia continues to strengthen its partnerships with leading economies and key international organizations.

During the two-day meeting, the discussions are expected to focus on strengthening collective efforts to ensure maritime and energy security, particularly in regions vital to global trade.

As one of the world’s leading energy producers and a major advocate of clean energy transition, Saudi Arabia brings valuable insights into balancing energy sustainability and global security.

The Foreign Minister’s participation also highlights Saudi Arabia’s pivotal role in promoting economic cooperation and innovation across borders.

The Kingdom’s growing investments in green energy, digital transformation, and circular carbon economy initiatives demonstrate its commitment to building a sustainable future while contributing to global economic growth.

By engaging in the G7 dialogue, Saudi Arabia aims to enhance international coordination on key geopolitical issues, including regional peace, trade stability, and climate action.

The Kingdom’s approach emphasizes dialogue, respect, and shared prosperity, values that continue to define its foreign policy under the leadership of Crown Prince Mohammed bin Salman.

Prince Faisal is expected to hold bilateral meetings with several foreign ministers during his visit, focusing on expanding cooperation in various sectors such as energy, technology, investment, and security.

These discussions reflect Saudi Arabia’s vision of fostering mutually beneficial partnerships that drive innovation and ensure global stability.

The Kingdom’s inclusion in such a prestigious international forum also underscores its increasing influence as a bridge between the Global North and Global South.

With its strategic position, strong economy, and forward-looking policies, Saudi Arabia continues to serve as a reliable partner in addressing transnational challenges.

As the G7 nations discuss critical issues like global supply chains, sustainable energy, and geopolitical tensions, Saudi Arabia’s participation demonstrates its readiness to contribute solutions and share experiences drawn from its own successful reform journey.

This participation reaffirms the Kingdom’s position as a responsible global player dedicated to constructive engagement and balanced diplomacy.

The visit of Prince Faisal bin Farhan to Canada is a testament to Saudi Arabia’s ongoing diplomatic outreach and commitment to shaping a more cooperative and secure world.

Through active participation in major international discussions, the Kingdom continues to strengthen its role as a leader in global dialogue and regional stability.

With Vision 2030 guiding its path, Saudi Arabia’s diplomatic momentum continues to reflect optimism, collaboration, and innovation — values that are driving its transformation into a modern, globally connected nation with a sustainable and prosperous future.