Highlights Russia-Ukraine risks keep oil prices elevated DOE offered 50 million barrels in November US SPR inventory falls to lowest in 19 years The Biden administration signaled Feb. 22 that it is building a case for a globally coordinated crude stockpile release as the Russia-Ukraine tensions keep oil prices above $90/b. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The International Energy Agency said Feb. 22 that member countries “stand ready to act collectively to ensure that global oil markets are adequately supplied.” IEA members hold close to 4.16 billion barrels in total oil stocks as of end-2021, including 1.5 billion barrels held by governments as emergency reserves. The group of the world’s top oil-consuming countries requires members to hold 90 days of net imports in government or commercial storage. The Biden administration has “an ongoing effort right now to execute on a plan that’s […]