The head of the International Energy Agency, Fatih Birol, stated to reporters in Brussels that despite turmoil in the Middle East, the agency currently has no plans to tap emergency reserves, as the global oil market is facing a "massive surplus" rather than a shortage. Oil prices surpassing $80 per barrel reflect the current crisis, but this is due to temporary supply-demand imbalances rather than a supply shock. The market currently has "ample oil." The agency retains all response options; its mandate is to oversee emergency oil reserves for developed nations.