<article><p class="lead">The decision made yesterday by Opec+ to stick with its plan for a 400,000 b/d increase in collective crude production quota for April was "just one word — disappointing," IEA executive director Fatih Birol said today.</p><p>Birol was speaking at an IEA press conference to discuss how Europe can reduce its reliance on Russian fossil fuels while maintaining security of supply, following Russia's invasion of Ukraine last week.</p><p>In recent weeks he has pressed the producer coalition to consider accelerating the pace of its production quota increases, <a href="https://direct.argusmedia.com/newsandanalysis/article/2307276">but Opec+ yesterday</a> again rolled over on its timetable. Crude prices have soared since Russia invaded Ukraine on 24 January: the front-month Ice Brent crude futures contract stood at $115.80/bl just after midday London time today, up by around 2.5pc on the day. It reached $119.84/bl earlier in the day.</p><p>The IEA may release more oil stocks, Birol suggested, in addition to the announcement earlier this week of a 60mn bl drawdown <a href="https://direct.argusmedia.com/newsandanalysis/article/2306939">from strategic reserves</a>.</p><p>"IEA members showed great solidarity… I want to underline this initial 60mn bl," he said. That was just the fourth time the IEA has undertaken a co-ordinated drawdown since its founding in 1974. </p><p>"We have more than enough stocks to take further actions… 60mn bl is only 4pc of the stocks we have today," Birol said today. </p><p class="bylines">By Georgia Gratton</p></article>
