IEA Member Countries release 60 million barrels of oil

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The 31 Member Countries of the Governing Board of the International Energy Agency agreed to release 60 million barrels of oil from their emergency reserves 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.

Today’s Extraordinary Governing Board meeting, held at the Ministerial level, was chaired by US Secretary of Energy Jennifer Granholm in her capacity as Chair of this year’s IEA Ministerial Meeting.  During today’s meeting, Ministers expressed solidarity with the people of Ukraine and their democratically elected government in the face of Russia’s appalling and unprovoked violation of Ukraine’s sovereignty and territorial... ... More: Official Press Release IEA

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IEA, barrel, oil, Russia, War, Ukraine, release, invasion, energy security, prices, costs, demand, market, minister