U.S., IEA Agree to Release 60 Million Barrels From Oil Stockpiles Amid Ukraine Turmoil
Decision comes as oil prices surge above $100 a barrel over worries about Russian crude production
By Benoit Faucon and Summer Said
Updated March 1, 2022 11:36 am ET
The U.S. and other major oil-consuming nations said Tuesday they would release 60 million barrels of oil from their emergency stockpiles, sending a jolt of new crude supplies into the market amid a price surge caused by the Ukraine crisis.
The move by members of the International Energy Agency, a Paris-based group that includes the U.S., Japan and much of Europe, represents another coordinated effort to counter Russia amid its invasion of Ukraine.
The IEA said it wanted to send “a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine.”
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https://www.wsj.com/articles/u-s-iea-agree-to-release-60-million-barrels-from-oil-stockpiles-amid-ukraine-turmoil-11646151424?mod=livecoverage_web
