The International Energy Agency Will Release 60 Million Barrels of Oil From Reserves
The International Energy Agency’s 31 member countries agreed Tuesday to release 60 million barrels of oil from their strategic reserves — half of that from the United States — “to send a strong message to oil markets” that supplies won’t fall short after the Russian invasion of Ukraine.
The board of the Paris-based IEA made the decision at an extraordinary meeting of energy ministers chaired by U.S. Energy Secretary Jennifer Granholm. She said in a statement that U.S. President Joe Biden approved a commitment of 30 million barrels and that the U.S. is ready to “take additional measures” if needed.
The group’s “decision reflects our common commitment to address significant market and supply disruptions related to President Putin’s war on Ukraine,” Granholm said.
