The International Energy Agency (IEA) is taking steps to address a global energy crisis, with its executive director, Dr Fatih Birol, stating the agency is ready to act if needed. The crisis is being compared to the oil shocks of the 1970s, with some outlets reporting it as potentially worse, although the specifics of the comparison vary. The IEA has announced a release of oil reserves, with reports of a record amount, to help calm surging prices amid supply shocks.