IEA sees no need for emergency oil stock release

The International Energy Agency currently does not see a need to release emergency oil stocks following a weekend attack on Saudi Arabia's oil facilities, the agency's head said on Wednesday.

"Currently the markets are well supplied and at this point we do not see the need to take such action," Fatih Birol said in a webinar.

IEA member countries hold about 1.55 billion barrels of emergency stocks in government-controlled agencies, which amount to 15 days of total world oil demand, Birol said.