Nations agree to release 60 million barrels of oil amid Ukraine crisis

The International Energy Agency said on Tuesday that all 31 member countries have agreed to release 60 million barrels of oil from their strategic reserves to send a strong message to oil markets that there will be no shortfall in supplies as a result of Russia's invasion of Ukraine.

The IEA board made the decision at an extraordinary board meeting of energy ministers chaired by US Energy Secretary Jennifer Granholm.

Besides the United States, other members of the organisation include the United States, Germany, France, the United Kingdom, Japan and Canada.

IEA members hold emergency stockpiles of 1.5 billion barrels. The release amounts to 4 per cent of stockpiles or roughly 2 million barrels per day for 30 days.

It's only the fourth time in history that the IEA has done a coordinated drawdown since the reserves were established in the wake of the Arab oil embargo in 1974.