Coinworld News: International Energy Agency Director Birol stated that as global energy prices surge, he is prepared to release further oil reserves. Birol made the above comments in Tokyo after Japan's Prime Minister requested that the International Energy Agency prepare for a second emergency reserve release. The International Energy Agency announced earlier this month that it will release 400 million barrels of oil, marking the largest oil release in the agency's history. He said: "We still have 80% of inventory remaining." "If necessary, we are prepared to proceed." However, he simultaneously warned that "the world is facing severe energy security threats."