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.
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.”
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.
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.