IEA Members Agree to Release 60 M. Barrels of Oil

Politics Economy

Paris, March 1 (Jiji Press)--Ministers from the International Energy Agency's 31 member countries Tuesday agreed to release 60 million barrels of oil from stockpiles in response to soaring crude oil prices amid Russia's invasion of Ukraine.

This will be the first coordinated oil release by IEA member countries since 2011 during the civil war in Libya and the fourth since the IEA was established in 1974.

"Ministers expressed solidarity with the people of Ukraine and their democratically elected government in the face of Russia's appalling and unprovoked violation of Ukraine's sovereignty and territorial integrity," the IEA said in a statement.

According to Japan's industry ministry, the coordinated release is expected to be carried out over about 30 days. The United States will release 30 million barrels, and other IEA members the remaining 30 million barrels together.

It is uncertain how much oil Japan will release.

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Jiji Press