Nations agree to release 60 million barrels of oil, as Russia's invasion puts pressure on energy costs

Last updated: March 1, 2022 8:55 am

WNews

Published: March 1, 2022

1 Min Read

- Advertisement -

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

Share This Article

ByWNews

Follow:

WNews is a digital and print newsroom committed to investigative, balanced, and honest journalism. Our team covers breaking news, politics, global affairs, community stories, and in-depth investigations across Canada, the United States, and around the world. From frontline reporting to long-form analysis, WNews delivers coverage that prioritizes truth, accuracy, and transparency. Our mission is simple: bring news back to news and restore trust in a time when it matters most. Follow our latest reports at W.News and across all WNews platforms.