Nations agree to release 60M barrels of oil amid Russian war
[MGN]
FRANKFURT, Germany (AP) — The International Energy Agency’s 31 member countries have 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.
The board of the Paris-based IEA made the decision Tuesday at an extraordinary meeting of energy ministers chaired by U.S. Energy Secretary Jennifer Granholm.
She says half the release will come from the United States and that the group’s decision "reflects our common commitment to address significant market and supply disruptions."
Russia plays an outsized role in global energy markets as the third-largest oil producer.