60 million barrels of oil to be released from global strategic reserves amid war

[demmiblue]

Source: PBS

FRANKFURT, Germany (AP) — All 31 member countries of the International Energy Agency have agreed to release 60 million barrels of oil from their strategic reserves “to send a strong message to oil markets” that there will be “no shortfall in supplies” as a result of Russia’s invasion of Ukraine, the group said Tuesday.

The IEA board made the decision at an extraordinary meeting of energy ministers chaired by U.S. Energy Secretary Jennifer Granholm. Besides the United States, other members of the organization include Germany, France, the United Kingdom, Japan and Canada.

IEA members hold emergency stockpiles of 1.5 billion barrels of oil. The release amounts to 4% of stockpiles, or roughly 2 million barrels per day for 30 days.

“The situation in energy markets is very serious and demands our full attention,” IEA executive director Fatih Birol said. “Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.”

Read more: https://www.pbs.org/newshour/world/60-million-barrels-of-oil-to-be-released-from-global-strategic-reserves-amid-war

[Budi]

1. The world will survive without Putin's corrupt Oil market. A global restructuring is taking place.

"All 31 member countries of the International Energy Agency.."

We're all done with Vladimer Putin & the criminal org that employs him.

[lagomorph777]

5. Good. The mighty global economy will crush Putin's shabby third-world joint.

[Magoo48]

2. War doesn't only kill human life, it's environmentally destructive for all life on our small planet.

[OneCrazyDiamond]

4. I have often thought of the environmental damage from WWII.

So much movement, with little regard for the long term effects.

[Magoo48]

6. Yup, undoubtedly vastly destructive.

[drray23]

3. its a good way to send a political message, it wont affect price a lot

Its 2/3 of a day of the world consumption (about 90-100 millions barrels per day).

I doubt it will move the needle.