Follows US’ record 180-million-barrel SPR release move IEA’s initial stock release was for almost 62 million barrels Russian crude production shut-ins estimated at 2.8 million b/d The International Energy Agency agreed April 1 to a second emergency release of oil reserves in response to ‘market turmoil’ caused by Russia’s invasion of Ukraine but said details of the release would come early next week. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The agreement among the IEA’s 31 member countries was reached at an extraordinary meeting held at the ministerial level and chaired by US Secretary of Energy Jennifer Granholm, the IEA said. “The ministers noted that Russia’s war in Ukraine continues to put significant strains on global oil markets, resulting in heightened price volatility. This is taking place against a backdrop of commercial inventories that are at their lowest level since 2014 and a […]