IEA to release 120 mil. barrels of oil reserves to tame prices

Politics Economy

The International Energy Agency is moving ahead with a collective oil stock release of 120 million barrels in an effort to curb surging energy prices following Russia's invasion of Ukraine, the intergovernmental body's chief disclosed Wednesday. IEA Executive Director Fatih Birol tweeted the amount includes 60 million barrels contributed by the United States as part of its overall draw from its Strategic Petroleum Reserve and that more details of specific contributions from member countries will be announced soon. The move marks the second coordinated oil stock release by the Paris-based agenc...

Kyodo News

Kyodo News