The IEA (International Energy Agency) officially announced on the 7th that member countries will release 120 million barrels of additional stockpiles, which is the largest ever, in order to stabilize crude oil prices, which continue to be high.
This is the second release of the IEA's stockpile, and Japan will carry 15 million barrels.
At the online ministerial meeting held on the 1st of this month, the IEA agreed on the additional release of oil reserves and has adjusted the specific scale and other factors.
As a result, on the 7th, it was officially announced that the member countries will cooperate to release 120 million barrels, which is the largest ever, in the next six months.
Of these, the United States releases half of it, 60 million barrels, and Japan is said to be responsible for the next largest, 15 million barrels.
This is the second time IEA member countries have launched stockpiles, following last month, and Secretary-General Virol said in a statement, "It is unprecedented to decide on two emergency releases in just one month. The unprecedented release is a sign of our determination to protect the world economy from the oil shocks associated with Russia's invasion of Ukraine. "
To stabilize the crude oil market, the United States intends to release more stockpiles, and the focus is on whether such large-scale releases will lead to the suppression of crude oil prices, which continue to be high.