"Preventing Energy Supply Disruptions from Russia" US, Korea, and IEA Release 60 Million Barrels of Oil

[Asia Economy New York=Special Correspondent Joselgina] Amid Russia's ongoing invasion of Ukraine, the United States and other International Energy Agency (IEA) member countries have decided to release 60 million barrels of emergency oil reserves.

According to CNN and the White House, the 31 IEA member countries made this decision during a virtual meeting on the 1st (local time). Half of the 60 million barrels of emergency reserves will come from the United States' Strategic Petroleum Reserve, and the other half will come from European and Asian allies. Specifically, this includes South Korea, Germany, the United Kingdom, Italy, the Netherlands, and Japan.

In a statement issued under the name of White House Press Secretary Jen Psaki on the same day, it was emphasized, "We are prepared to use all available means to prevent disruptions to the global energy supply caused by the actions of Russian President Vladimir Putin," and added, "This is another example of cooperating with global allies to condemn Russia's unjust invasion and address the consequences of the war chosen by President Putin."

This is the first time since 2011 that member countries have agreed to release emergency oil reserves. It is the fourth time since the system was established in 1974 following the Arab oil embargo.

This content was produced with the assistance of AI translation services.