The International Energy Agency’s 31 member countries have agreed to release 60 million barrels of oil from their strategic reserves — half of that from the United States alone
By David MchughAll 31 member countries of the International Energy Agency have agreed to release 60 million barrels of oil from their strategic reserves “to send a strong message to oil markets” that there will be “no shortfall in supplies” as a result of Russia’s invasion of Ukraine, the group said Tuesday.
Granholm 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 situation in energy markets is very serious and demands our full attention,” IEA executive director Fatih Birol said. “Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.”
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