DUBLIN: The International Energy Agency is closely monitoring global oil and refined product markets and could consider releasing further emergency reserves if market conditions warrant additional action.

IEA Executive Director Fatih Birol said ahead of a meeting of European Union energy ministers in Dublin that the agency was paying particular attention to markets for products such as diesel and would discuss possible measures with member countries if necessary.

IEA members are required to maintain emergency oil stocks and can coordinate releases during serious supply disruptions. The agency has already used emergency stocks this year in response to disruption linked to the conflict in the Middle East.

The developments come as the European Union considers postponing part of its methane emissions rules covering imported oil and gas amid concerns over energy costs and security of supply.

EU Energy Commissioner Dan Jorgensen said authorities were examining whether the import-related requirements scheduled to take effect on January 1, 2027, could be delayed without weakening the regulation’s underlying objectives.

Under the EU methane regulation, importers will be required from January 2027 to demonstrate that certain imported crude oil, natural gas and coal meet monitoring, reporting and verification standards equivalent to those applied within the EU.

Jorgensen said any postponement could potentially last one year and should be conditional on member states using the additional period to prepare fully for implementation.

The issue has gained urgency amid pressure on international oil and gas supplies linked to the Middle East conflict. French President Emmanuel Macron has called for a one-year postponement, arguing that the rules could create legal risks for energy importers at a time of tighter supplies.

Around 12 other EU member states have also sought changes or a delay to parts of the regulation, while the United States has previously raised concerns over its implementation.

Methane is a powerful greenhouse gas and a major contributor to global warming after carbon dioxide. The EU rules are designed to strengthen monitoring and reduce methane emissions across the fossil fuel supply chain while extending requirements to energy imported into the bloc.

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