The IEA’s Member Countries agreed to a new release of oil from emergency reserves due to market turmoil caused by Russia’s invasion of Ukraine. The International Energy Agency’s 31 Member Countries agreed to a new release of oil from emergency reserves in response to the market turmoil caused by Russia’s invasion of Ukraine. The agreement was reached at an Extraordinary Meeting of the IEA Governing Board, held at the Ministerial level and chaired by U.S. Secretary of Energy Jennifer Granholm. The details of the new emergency stock release will be made public early next week. The agreement follows the previous action taken by IEA Member Countries announced last month to which they pledged a total of 62.7 million barrels. The IEA Ministers reiterated their concerns about the energy security impacts of the egregious actions by Russia and voiced support for sanctions imposed by the international community in response. Ministers […]

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