IEA members set to release 60 million barrels from emergency oil reserves

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According to the International Energy Agency (IEA), member countries have agreed to release 60 Million barrels from oil reserves. This is in order to stabilize the market after Russia’s invasion of Ukraine.

International Energy Agency Logo

Photo Credit: International Energy Agency

31 member countries of the IEA governing board aims to “send a unified and strong message to global oil markets that there will be no shortfall in supplies” as a result of the Ukraine conflict, it said in a statement. They also “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 integrity.”

Refinery G4f86be76b 1280

Photo Caption: Pixabay

The decision to release barrels from the oil reserves, is also in response to oil producers not being able to provide ample supply in the meantime.

See also  Russia warns $300 oil price if the West bans energy imports

Hopefully, the measure taken by the IEA works, as oil prices continue to surge globally. Locally our fuel prices are also due to possibly increase for the 9th straight week.

Source

Pablo Salapantan

Pablo Salapantan

Pablo's first word was probably "Car", and this has developed into a personal passion that has consumed his professional life as well.

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