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IEA members agree release of 60-million barrels from strategic oil stocks

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Crisis move comes as US and its allies seek to cool oil prices soaring from Russia’s invasion of Ukraine

01 March 2022 - 19:57Tokyo — Members states of the International Energy Agency agreed on Tuesday to release 60-million barrels from oil reserves, as the US and its allies seek to cool oil prices soaring from Russia’s invasion of Ukraine.

West Texas Intermediate futures in New York surged more than 10% to trade above $105. Brent futures jumped more than 9% to above $107 a barrel. US energy secretary Jennifer Granholm chaired the meeting of the Paris-based IEA, which has co-ordinated three emergency oil stock releases in the past. The IEA did not oversee that operation, saying at the time it responds only collectively to major supply disruptions. It last co-ordinated a release amid the oil supply disruption wrought by the Libyan civil war in 2011.

 

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