Member states of the International Energy Agency have finalized their contributions to a 60 million barrel oil release announced this week to buoy prices sent soaring by Russia’s invasion of Ukraine, the IEA said on Friday. From a total release of 61.7 million barrels, the United States will provide 30 million barrels followed by Japan with 7.5 million, South Korea with 4.4 million, and Germany with 3.2 million. The move aimed to compensate for supply disruptions as sanctions on parts of the Russian economy has caused many buyers to shun Russian oil. read more Jittery markets were unconvinced by the news and instead jumped following the announcement on Tuesday and peaked Thursday near $120 a barrel. “In the last few days since the decision, each IEA member country has been considering how much it could contribute to the announced response plan, given its domestic […]