All 31 member countries of the International Energy Agency have agreed to release 60 million barrels of oil from their strategic reserves “to send a strong message to oil markets” that there will be “no shortfall in supplies” as a result of Russia’s invasion of Ukraine, the group said Tuesday.
The IEA board made the decision at an extraordinary meeting of energy ministers chaired by U.S. Energy Secretary Jennifer Granholm. Besides the United States, other members of the organization include Germany, France, the United Kingdom, Japan and Canada.
IEA members hold emergency stockpiles of 1.5 billion barrels of oil. The
