IEA is ready to release more oil from emergency reserves if needed.

IEA Chief Signals More Oil Releases as Prices Surge

Oil prices are soaring, and the International Energy Agency is ready to act. IEA Executive Director Fatih Birol said he's prepared to tap into emergency stockpiles again if needed.

His comments came from Tokyo, following a request from Japan's prime minister for the agency to get ready for a second emergency release. The IEA already announced a record-breaking release earlier this month—400 million barrels.

"We still have 80% of our inventories," Birol said. "We are ready to proceed if necessary." But he also had a warning: the world is facing a serious energy security threat.