On Tuesday, the 31 countries in the International Energy Agency agreed to release 60 million barrels of oil from their strategic reserves “to send a strong message to oil markets” that supplies won’t fall short after the
On Tuesday, the 31 countries in the International Energy Agency agreed to release 60 million barrels of oil from their strategic reserves “to send a strong message to oil markets” that supplies won’t fall short after the
On Tuesday, the 31 countries in the International Energy Agency agreed to release 60 million barrels of oil from their strategic reserves "to send a strong message to oil markets" that supplies won't fall short after the Russian invasion of Ukraine. Besides the United States, other members of the organization include Germany, France, the United Kingdom, Japan and Canada. IEA members hold emergency stockpiles of 1.5 billion barrels of oil. The release amounts to 4% of stockpiles, or roughly 2 million barrels per day for 30 days. It's only the fourth time in history that the IEA has done a coordinated drawdown since the reserves were established in the wake of the Arab oil embargo in 1974. The board of the Paris-based IEA made the decision at a meeting of energy ministers chaired by U.S. Energy Secretary Jennifer Granholm, who said in a statement that President Biden approved a commitment of 30 million barrels and that the U.S. is ready to "take additional measur