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Highlights
- IEA members are ready to release 60 million barrels of crude oil from their strategic petroleum reserves.
- The oil prices have hit 14-year-high in the last week to US$139 per barrel
- The additional supply of crude oil is expected to fill up oil shortages as several countries have decided to boycott Russian oil.
Amid soaring fuel prices, International Energy Agency (IEA) Executive Director Fatih Birol said that the IEA is ready to release more oil from its strategic emergency reserve to curb the rising oil demand globally.
Read more: Viva (ASX:VEA) and Ampol (ASX:ALD) boycott Russian crude oil
Oil prices have touched their 14-year-high due to growing demand as the world recovers from the pandemic. Global oil prices hit up to US$139 per barrel this week, with gasoline, diesel and power prices reaching new highs.
Another important factor that has directly impacted the oil prices is the ongoing war between Russia and Ukraine. It is to be noted that several oil buyers across the globe have announced to boycott Russian oil due to the latter’s decision to invade Ukraine.
Birol told the media, “We are ready to release as much oil as needed.”
IEA also informed that some of its members agreed to release 60 million barrels of crude oil Last week from their strategic emergency petroleum reserves.
As a result, the United States agreed to release 30 million barrels of crude oil from its strategic petroleum reserves. The remaining IEA members in Europe and Asia are expected to release 30 million barrels.
Birol also informed that 60 million barrels of crude oil form just 4% of the total strategic reserves of the IEA members.
On the other hand, Birol also criticised two global energy giants, including the largest oil exporter of the world, Saudi Arabia, for not ramping up production.
