China News Service, April 7 (Reuters) - The International Energy Agency (IEA) plans to release 120 million barrels of oil reserves to curb demand from Russia, Fatih Birol, the head of the International Energy Agency (IEA), said on the 6th local time, according to Reuters. Oil prices have risen sharply since Ukraine launched a special military operation.
Data map: A car owner refuels at a gas station in San Mateo County, California.
Photo by China News Agency reporter Liu Guanguan
Among them, the release scale of the United States will reach 60 million barrels, as part of the release plan of 180 million barrels of oil reserves previously announced by US President Biden.
The remaining 60 million barrels of oil reserves are borne by members other than the United States.
According to reports, this will be the second coordinated release of oil reserves by the International Energy Agency in a month and the fifth time in the agency's history to act in response to supply disruptions in the oil market.
The IEA has 31 member countries, mostly industrialized countries, excluding Russia.
On March 31, local time, U.S. President Biden announced that in the next six months, 1 million barrels of oil will be released per day from the U.S. Strategic Petroleum Reserve, and a cumulative release of 180 million barrels will be released to cope with the current supply shortage and high oil prices. This is the largest release of oil reserves in U.S. history.