The International Energy Agency agreed to release 60 million barrels of oil from emergency reserves, the Paris-based watchdog said in a statement after a meeting on Tuesday of its 31 member countries following Russia’s invasion of Ukraine.
“The IEA Secretariat will continue to closely monitor global oil and gas markets and to provide recommendations to the Governing Board, including possible additional emergency oil stock draws, as needed,” it said.
IEA member countries voiced support for sanctions imposed by international community against Russia in response to its invasion of Ukraine.