World Desk, AnyTV, Frankfurt
Published by: Gaurav Pandey
Updated Tue, 01 Mar 2022 11:03 PM IST
Summary
IEA members have emergency reserves of 1.5 billion barrels of oil. The volume to be released is four per cent of this stock, or about two million barrels per day for 30 days.
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All 31 member states of the International Energy Agency (IEA) have agreed to release 60 million barrels of oil from their strategic reserves. He has taken the move to signal to the oil market that Russia’s attack on Ukraine will not cut oil supplies.
Giving information about this decision on Tuesday, the IEA said that the decision was taken by the IEA Board of Directors at an extraordinary meeting of energy ministers chaired by US Energy Secretary Jennifer Granholm. Apart from the United States, Germany, France, Britain, Japan and Canada are also included in this.
IEA members have emergency reserves of 1.5 billion barrels of oil. The volume to be released is four per cent of this stock, or about two million barrels per day for 30 days.
IEA Executive Director Fatih Birol said, “The situation in energy markets is very serious… Global energy security is at risk, this situation is putting the world economy at risk at a time when it is in a critical phase of recovery.”
This decision has been taken at a time when the price of US standard crude oil has crossed $100 per barrel on Tuesday. This is the highest level of oil prices since 2014.