Unrest in Libya is starting to affect Europe 's oil supplies, although no member country of the International Energy Agency has requested the authorization to release strategic oil stocks, International Energy Agency Executive Director Nobuo Tanaka said Thursday.

"This disruption is starting to have an impact, especially on European countries," Tanaka told Dow Jones Newswires in an exclusive interview on the sidelines of a Extractive Industries Transparency Initiative in Paris . But no country has asked the IEA to release their stockpiles.

The situation could worsen if violence in the northern African country persists, though, Tanaka warned.

"February and March is a high maintenance season, so there's not much demand. Maybe, after March there'll be more need," Tanaka said.

Unrest in North Africa has sent crude oil prices sharply higher in recent weeks, as markets worry that the popular uprising that has brought to regime change in Tunisia and Egypt could spread eastwards to key oil suppliers, such as Saudi Arabia . The IEA Wednesday said between 850,000 and 1 million barrels a day of Libyan crude is currently shut in. Libya normally produces just under 2% of the world's oil.

Oil futures are trading lower Thursday after Venezuelan President Hugo Chavez proposed a multinational commission mediate the violent conflict between Libyan leader Moammar Gadhafi and rebel groups. At 1133 GMT, the front-month April Brent contract on London 's ICE futures exchange was down $1.05 at $115.30 a barrel. The front-month April contract on the New York Mercantile Exchange was down 34 cents at $101.89 a barrel.

Still, Tanaka sounded confident about the amount of options available to stabilize the global oil supply.

"Uncertainty makes the market nervous, but there is enough oil," Tanaka said. "The Organization of Petroleum Exporting Countries and Saudi Arabia have enough spare capacity and are ready to produce more." Also, should the necessity arise, IEA member countries remain ready to release 1.6 billion barrels of strategic oil stocks "at any time," he said.

The agency last week opted against an emergency release of strategic stocks from member countries, reasoning the market could respond without such an extraordinary measure. The agency has cited reduced oil demand during refinery maintenance season as a key factor in its decision to not release stocks

The head of IEA said financial speculation was partly to blame for sharp oil price movements, and warned that if the price of a barrel of crude keeps hovering at its current level for long enough, economic growth could suffer.

"The market is tightening because of economic recovery, but certainly speculation has a role and amplifies volatility," he said.

If oil remains at $100 a barrel, this could have a "very significant undermining effect on the health of economic growth, especially for emerging developing economies."

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