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A series of US allies agreed to release oil storage

US allies have agreed to release emergency stockpiles to lower oil prices, which have skyrocketed after hostilities broke out between Russia and Ukraine.

The decision was taken at the Extraordinary Ministerial Meeting of the International Energy Agency (IEA) on April 1, held by the Secretary of Energy. America Hosted by Jennifer Granholm. The IEA said details of the decision would be announced “early next week”.

U.S. president Joe Biden earlier said the IEA had agreed to “put tens of millions more barrels of oil on the market”. The IEA, with 31 members, including the US, European countries, Australia and Japan, in March pledged to export 62.7 million barrels of oil from its reserves.

The IEA meeting comes a day after President Biden announced the US would export stockpile one million barrels of oil per day for six months, or more than 180 million barrels. This is a record amount of oil exported by the US from its strategic reserve.





Oil pipeline at the US Strategic Reserve in Freeport in June 2016.  Photo: Reuters.

Oil pipeline at the US Strategic Reserve in Freeport in June 2016. Photo: Reuters.

This will be the fifth time the IEA has released its stockpile since 1991. The total amount of oil in the emergency reserves of the 31 IEA members is 1.5 billion barrels.

The IEA said that the war in Ukraine “is causing significant tensions in the global oil market, leading to high price volatility”, and warned of the risk of disruptions in Russian oil production that could “creating a shock to the global oil supply”.

The IEA’s decision comes a day after the Organization of the Petroleum Exporting Countries (OPEC) announced only a slight increase in output, despite pressure from the West to push the bloc to pump more oil into the market.

Oil price on March 7 rose to the highest level not seen since 2008. Brent oil price was at 139.13 USD/barrel and West Texas Intermediate oil was at 130.5 USD/barrel, then gradually decreased, but remained at the same level. around $100/barrel on April 1.

Nguyen Tien (According to AFP)

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