International Energy Agency (IEA) chief Fatih Birol has sought to tamp down fears of a global oil crisis as conflict rages in the Middle East, saying there was “plenty of oil in the market,” AFP reports.

Addressing reporters in Brussels, Birol said “logistical disruption” from the war was “creating challenges for many countries” but stressed 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, after a meeting with European Union chief Ursula von der Leyen and EU commissioners. “There is a huge surplus in the market.” “We are facing a temporary disruption, a logistical disruption,” he said.