July 12, 2024

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US and other IEA member states release 60 million barrels of oil after Russian invasion

US and other IEA member states release 60 million barrels of oil after Russian invasion

The member states of the International Energy Agency (IEA) will release 60 million barrels from strategic oil reserves to deal with higher oil prices. Oil prices have soared since 2014 amid concerns that Russia’s oil supplies could be affected by tough Western sanctions against Russia due to the war in Ukraine.

News of the IEA countries releasing oil reserves rose further on Tuesday afternoon, leaving no impact on prices.

The price of a barrel of US WTI oil (159 liters) rose 8.5 percent to $ 104.21. Brent oil, the standard for oil from the Middle East, Europe and Africa, is about 8 percent higher at $ 105.65 a barrel.

The IEA has thirty member states, including the United States, Germany, Japan, the United Kingdom, France and Belgium. According to the Japanese Minister of Industry, the United States will count 30 million barrels.

This is the first time since the uprising in Libya in 2011 that the IEA’s countries have issued a consolidated issue of strategic shares.

At the end of December, IEA member countries had 4.1 billion barrels of oil reserves. Of this, governments have 1.5 billion barrels in strategic reserves.

In November last year, the United States already invited strategic stocks to reduce high fuel prices. The shares were also issued after last year’s severe Ida hurricane to curb fuel shortages. More than 600 million barrels of US strategic reserves are stored underground for emergencies in the states of Texas and Louisiana.

Allied nations such as the Oil Cartel OPEC and Russia will meet on Wednesday to discuss the gradual increase in production that is currently taking place each month. OPEC + is not expected to run the oil pipeline further to reduce prices.

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News of the IEA countries releasing oil reserves rose further on Tuesday afternoon, leaving no impact on prices. The price of a barrel of US WTI oil (159 liters) rose 8.5 percent to $ 104.21. Brent oil, the standard for oil from the Middle East, Europe and Africa, is about 8 percent higher at $ 105.65 a barrel. The IEA has thirty member states, including the United States, Germany, Japan, the United Kingdom, France and Belgium. According to the Japanese Minister of Industry, the United States will count 30 million barrels. This is the first time since the uprising in Libya in 2011 that the IEA’s countries have issued a consolidated issue of strategic shares. At the end of December, IEA member countries had 4.1 billion barrels of oil reserves. Of this, governments have 1.5 billion barrels in strategic reserves. In November last year, the United States already invited strategic stocks to reduce high fuel prices. The shares were also issued after last year’s severe Ida hurricane to curb fuel shortages. More than 600 million barrels of US strategic reserves are stored underground for emergencies in the states of Texas and Louisiana. Allied nations such as the Oil Cartel OPEC and Russia will meet on Wednesday to discuss the gradual increase in production that is currently taking place each month. OPEC + is not expected to run the oil pipeline further to reduce prices.