NEW: The International Energy Agency says member countries have agreed to release 60 million barrels of oil to help volatility in global oil markets set off by Russia's invasion of Ukraine.
Oil prices, which were already increasing before Russia's invasion as the demand revival from the pandemic tightened markets, have recently surged to over $100 a barrel in response to the war.
The IEA condemned Russia's "appalling and unprovoked violation of Ukraine’s sovereignty and territorial integrity."U.S. Secretary of Energy Jennifer Granholm said after an IEA ministerial meeting Tuesday that 30 million barrels of the released oil will come from the Strategic Petroleum Reserve and that the U.S. is "prepared to take additional measures if conditions warrant.
“We will continue advancing ongoing efforts to accelerate Europe’s diversification of energy supplies away from Russia and to secure the world from Putin’s attempts to weaponize energy supplies," Granholm added.It is heartening to see how quickly the global community has united to condemn Russia’s actions and respond decisively," IEA Executive Director Fatih Birol said in a statement.
"I am pleased that the IEA has also come together today to take action. The situation in energy markets is very serious and demands our full attention. Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery," he added.
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