Addressing reporters in Brussels, Birol said “logistical disruption” from the war was “creating challenges for many countries” but that there was more than enough oil in the global market.

Asked whether the IEA was mulling the release of emergency stocks, Birol said “all options are on the table” but that “at this stage” there were no plans for “collective action”.

“There is plenty of oil, we have no oil shortage,” he said. “There is a huge surplus in the market.”