FRANKFURT, Germany (AP) — 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 .
Highlights
- The International Energy Agency’s 31 member countries agreed Tuesday to release 60 million barrels of oil from their strategic reserves.
- U.S.
- President Joe Biden approved a commitment of 30 million barrels.
- The release amounts to 4% of stockpiles, or roughly 2 million barrels per day for 30 days.
- The board of the Paris-based IEA made the decision at an extraordinary meeting of energy ministers chaired by Energy Secretary Jennifer Granholm.
- It’s only the fourth time in history that the IEA has done a coordinated drawdown since the Arab oil embargo in 1974.