The International Energy Agency (IEA) is not discussing a second release of strategic oil reserves at this time, the organisation’s chief Fatih Birol tells Reuters.

“Not for the time being,” Birol says on the sidelines of an energy conference in Norway when asked whether the agency was discussing a second release of strategic reserves.

The IEA is always following the markets “very, very closely”, and 80 per cent of strategic reserves remain after a 400 million-barrel release in March, Birol adds.

On gas, Birol expressed concerns about Europe’s current levels of gas reserves, which are around 62pc according to transparency platform AGSI. The European Union has a target of filling levels to 80pc by December 1.

“The stocks are lower than historical averages, and we are still hoping to get gas from the Middle East, and at the same time … Europe has committed itself to nullify the Russian gas imports,” he said. “If we have a harsh winter in Europe, we may have some challenges.”