IEA Will Deploy Emergency Oil Stocks to Ease Soaring Prices
- Members agree on coordinated release of 60 million barrels
- Crude has surged above $105 a barrel on Ukraine crisis
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The U.S. and other major economies have agreed on a coordinated release of oil stockpiles after Russia’s invasion of Ukraine pushed crude above $100 a barrel.
The International Energy Agency, which represents key industrialized consumers, will deploy 60 million barrels from stockpiles around the world. Half of that amount will come from the U.S. Strategic Petroleum Reserve, with the rest from IEA members in Europe and Asia, said a person familiar with the matter, who asked not to be named because the information isn’t public.