The US and other major economies agreed on a coordinated plan to release oil reserves after Russia’s invasion of Ukraine pushed crude prices past $100 per barrel.
- The International Energy Agency agreed to release 60 million barrels from its reserves worldwide.
- Nearly 50% of that amount will come from the US Strategic Petroleum Reserve, with the remaining coming from IEA members in Europe and Asia.
- That release will be the second release from US crude strategic reserves in a few months as rising fuel cost has become a major political problem for President Joe Biden.
- Crude prices surged past the $105 per barrel mark in London for the first time since 2014 on concerns that oil and gas supplies from energy giant Russia could be hampered by the ongoing conflict in Ukraine and western sanctions.
The surge is intensifying an inflationary pressure for energy-consuming countries, threatening the economic recovery and worsening the cost of living problem for millions.
Cl! up +8.80%, USOIL up +8.23%