KONTAN.CO.ID - WASHINGTON. Member countries of the International Energy Agency besides the United States have agreed to release 60 million barrels of oil from storage, an official from the U.S. government and an IEA member country official told Reuters. The amount will be matched by the United States as part of Washington's pledge last week to tap 180 million barrels of oil from storage, they added. The massive releases are aimed at cooling prices and easing supply concerns as sanctions and buyer aversion disrupts Russian oil supplies in the wake of its invasion of Ukraine.
IEA Countries to Tap 60 Million Barrels of Oil on Top of U.S. Release
KONTAN.CO.ID - WASHINGTON. Member countries of the International Energy Agency besides the United States have agreed to release 60 million barrels of oil from storage, an official from the U.S. government and an IEA member country official told Reuters. The amount will be matched by the United States as part of Washington's pledge last week to tap 180 million barrels of oil from storage, they added. The massive releases are aimed at cooling prices and easing supply concerns as sanctions and buyer aversion disrupts Russian oil supplies in the wake of its invasion of Ukraine.