IEA "Plan to Release Additional 120 Million Barrels of Strategic Oil Reserves"
[Asia Economy New York=Special Correspondent Joselgina] The International Energy Agency (IEA) member countries are pushing for an additional release of 120 million barrels of strategic oil reserves to stabilize soaring oil prices caused by Russia's invasion of Ukraine.
Fatih Birol, the Executive Director, stated on Twitter on the 6th (local time), "The United States will bear 60 million barrels," adding, "Detailed information will be disclosed soon." Bloomberg News reported the plan to release the same amount of strategic reserves on the same day, citing officials.
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This is the second release of strategic oil reserves by IEA member countries, following the 60 million barrels released last month.
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