The head of the International Energy Agency said the group’s members were ready to release more oil from emergency stockpiles to ease soaring energy prices, as he criticised Saudi Arabia and the United Arab Emirates for refusing to pump more crude.

Fatih Birol said the co-ordinated release last week by the US and other big energy-consuming nations of 60mn barrels was an “initial response” and that the IEA was ready to do “everything” to reduce the volatility in energy markets driven by Russia’s invasion of Ukraine.

Oil prices have soared in recent days, with international benchmark Brent crude hitting a 14-year high of $139 a barrel on Monday on reports that the US was pushing for a ban on oil exports from Russia, the world’s second-largest crude producer.