The IEA outlined that the move was made to send a ‘unified and strong’ message to global oil markets. The 31 member countries of the governing board of the International Energy Agency (IEA) agreed to release 60 million barrels of oil from their emergency reserves, the IEA announced late Tuesday. The IEA outlined that the move was made to send a “unified and strong” message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine. During the extraordinary governing board meeting to discuss the release, which was chaired by U.S. Energy Secretary Jennifer Granholm, IEA ministers noted, with concern, the energy security impacts of Russia’s actions and voiced support for sanctions imposed by the international community. The ministers highlighted that Russia’s invasion comes against a backdrop of already tight global oil markets, heightened price volatility, commercial inventories that are […]