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International Energy Agency: 60 million barrels of oil to be released from emergency reserves

Cyprus Russia Ukraine War
Posted at 4:32 PM, Apr 07, 2022
and last updated 2022-04-07 16:32:54-04

(PARIS) -- The International Energy Agency says its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine.

The Paris-based organization said on Thursday that the new commitments made by its 31 member nations, which include the United States and much of Europe, amount to a total of 120 million barrels over six months. It’s the largest release in the group’s history.

Half of that will come from the U.S. as part of the larger release from its strategic petroleum reserve that President Joe Biden announced last week.

The IEA agreed last Friday to add to the amount of oil hitting the global market. It comes on top of the 62.7 million barrels that the agency’s members said they would release last month to ease shortages.