IEA chief: 'Plenty of oil, no shortage' — but Brent heads for biggest weekly gain since 2020 at $87

International Energy Agency Executive Director Fatih Birol sought to calm energy market fears at a press conference in Brussels on Friday, saying: 'There is plenty of oil, we have no oil shortage. There is a huge surplus in the market. We are facing a temporary disruption, a logistical disruption.' Birol's remarks came as Brent crude was on track for its biggest weekly gain since 2020, reaching approximately $87 per barrel. Fuel oil traders in Asia are struggling to secure alternative supplies as the Strait of Hormuz — through which about a fifth of the world's oil is shipped — has been effectively closed by the conflict. RBC Capital analysts noted that Asian markets are the most exposed. In contrast, Qatar's Energy Minister warned the same morning that Gulf exporters could all call force majeure within days, projecting $150/barrel if the war persists. The IEA announcement was seen as an attempt to stabilize market psychology ahead of an emergency G7 energy ministers call scheduled for Friday afternoon.