PARIS May 23 The International Energy Agency is
monitoring oil markets and is ready to take action to release
strategic oil reserves if needed, IEA's Executive Director Maria
van der Hoeven said at an OECD event on Wednesday, reiterating
the body's recent stance.
"We have to be on the alert, we have to monitor the
situation as it is and if necessary ... are ready to take action
if necessary," she said.
Leaders of the Group of Eight major economies raised the
pressure on Iran on Saturday, signaling their readiness to tap
into emergency oil stockpiles quickly this summer if tougher new
sanctions on Tehran threaten to strain supplies.
(Reporting by Leigh Thomas; Writing by Michel Rose; Editing by