IEA Member Countries agree to new emergency oil stock release in response to market turmoil
(VOVWORLD) - The International Energy Agency’s 31 Member Countries agreed on Friday to a new release of oil from emergency reserves in response to the market turmoil caused by Russia’s military operation in Ukraine, underscoring their strong and unified commitment to stabilizing global energy markets.
 (Photo: AFP/VNA) |
The agreement was reached at an Extraordinary Meeting of the IEA Governing Board, which was held at the Ministerial level and chaired by US 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.
President Biden on Thursday ordered the release of 1 million barrels of oil per day from the nation's strategic petroleum reserve for six months, a bid to control energy prices that have spiked after the United States and allies imposed steep sanctions on Russia over its military operation in Ukraine.