IEA to release 120 million barrels over six month period
The International Energy Agency (IEA) on Thursday confirmed member country contributions to the second collective action to release oil stocks in response to Russia’s invasion of Ukraine.
The commitments submitted by members reached 120 million barrels to be released over a six month period, the IEA added.
The U.S. will release 60 million barrels of oil from storage and Japan will release 15 million barrels.
Other major contributors include South Korea, Germany, France, Italy and the United Kingdom.
