Business Standard

IEA confirms 120 million barrel oil release with United States

More details of specific contributions will be made public soon, IEA Executive Director Fatih Birol tweeted

oil

Oil trade

Reuters LONDON

LONDON (Reuters) - The International Energy Agency on Wednesday said its member countries had agreed to release 120 million barrels of oil, with the United States contributing half, in a bid to cool oil prices after Russia's invasion of Ukraine.

"The @IEA is moving ahead with a collective oil stock release of 120 million barrels (including 60 million barrels contributed by the US as part of its overall draw from its Strategic Petroleum Reserve)," IEA Executive Director Fatih Birol tweeted.

"More details of specific contributions will be made public soon."

 

(Reporting by Noah Browning; Editing by Sandra Maler)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 06 2022 | 11:36 PM IST

Explore News