Nations Agree To Release 60M Barrels Of Oil Amid Russian War
Newsy
Russia plays an outsized role in global energy markets as the third-largest oil producer.
All 31 member countries of the International Energy Agency have agreed 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 there will be "no shortfall in supplies" after Russia invaded Ukraine, the group said Tuesday.
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 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.
