IEA ready to release more oil to the market to cool prices 'if needed'
Member countries aim to ‘radically’ reduce Russian oil and gas imports through various measures and policies The International Energy Agency said its members are ready to release more oil into the market “if needed” to tackle soaring prices in the wake of Russia’s military offensive in Ukraine. Members including the US and its allies are discussing a further co-ordinated release of oil from storage to tackle rising prices, the IEA said in a press conference with US energy secretary Jennifer Granholm in Paris. IEA member countries committed to releasing 61.7 million barrels of oil reserves as of March 4, exceeding the 60 million barrels of oil that they had pledged to release from emergency stocks to bring stability to energy markets. The US will provide 30 million barrels followed by Japan with 7.5 million, South Korea with 4.4 million, Germany with 3.2 million and the UK with 2.2 million. “Our member countries and secretariat are closely monitoring the markets and in additi...