The International Energy Agency (IEA) could release more oil from stocks to ease surging fuel prices and will draw up an action plan to swiftly reduce oil usage, the head of the agency said on Wednesday. Oil prices rocketed higher after Russia, the world’s second-largest crude exporter, invaded Ukraine and the West toughened sanctions on Moscow, stoking fears of supply disruptions to an already tight market. read more “Next week, as we did for gas, we are coming up with a 10-point action plan how to reduce oil in a hurry,” Fatih Birol told an energy conference in Paris. “In oil markets, the most difficult months are the summer months, the so-called ‘driving season’, when the demand goes up, around June-July,” said Birol, executive director of the Paris-based agency, which represents 31 mostly industrialised nations but not Russia. The United States imposed an immediate […]