Member nations of the International Energy Agency (IEA) have agreed to a new release of 60 million barrels of oil from their emergency reserves, making for a total release of 120 million barrels from the IEA, Fatih Birol, executive director of the IEA, confirmed in a tweet.
Why it matters: The release of oil reserves is a response to the “market turmoil” caused by Russia’s unprovoked invasion of Ukraine.
The big picture: IEA on Friday had announced an agreement by its 31 members to a new release of emergency oil reserves, but did not specify the amount.
Half of the oil released by the IEA will be contributed by the U.S. “as part of its overall draw from its Strategic Petroleum Reserve,” Birol wrote.
More details about the specific volumes of oil that member nations will release will be announced “soon,” he added.
Bloomberg first reported that the new release was for a sum of 60 million barrels.
This new release of oil reserves from IEA countries comes on top of a previous agreement last month by the IEA to release 60 million barrels of oil.
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