IEA cooperates to open oil reserve

According to the Japanese Ministry of Economy, Trade and Industry, member countries of the International Energy Agency (IEA) have agreed to coordinate to add more oil to the market for the second time within a month in order to normalize the situation. market stability – which was strongly affected after Russia deployed a special military operation in Ukraine.

Also according to the Japanese Ministry of Economy, Trade and Industry, IEA member countries will continue to negotiate on a coordinated program to open warehouses. energy storage. The volume and timing of this program could be approved within the next week at the earliest.

US President Joe Biden said that more than 30 countries have joined the US in freeing up national oil reserves to cushion the impact of oil prices – which have increased more than 30% so far this year.

A day earlier, the US decided to export about 1 million barrels of oil per day from the strategic oil reserve within 6 months to lower fuel prices.

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