Crude oil pipelines stand at the U.S. Department of Energy's Bryan Mound Strategic Petroleum Reserve in Freeport, Texas. Photo: Luke Sharrett/Bloomberg via Getty Images
Member nations of the International Energy Agency (IEA) have agreed to a new release of 60 million barrels of oil from their emergency reserves, making for a total release of 120 million barrels from the IEA, Fatih Birol, executive director of the IEA, confirmed in a tweet Wednesday.
Why it matters: The release of oil reserves is a response to the "market turmoil" caused by Russia's unprovoked invasion of Ukraine.
What they're saying: White House Press Secretary Jen Psaki lauded the announcement in a statement Thursday.
- "Today after around the clock diplomacy by the United States and our allies and partners, the International Energy Agency announced a historic collective release with member countries outside of the United States releasing an additional 60 million barrels," Psaki said.
- "Together with the United States’ commitment, this will add a combined global amount of 240 million barrels."
The big picture: IEA on Friday had announced an agreement by its 31 members to a new release of emergency oil reserves but did not specify the amount.
- Half of the oil released by the IEA will be contributed by the U.S. "as part of its overall draw from its Strategic Petroleum Reserve," Birol wrote.
- More details about the specific volumes of oil that member nations will release will be announced "soon," he added.
- Bloomberg first reported that the new release was for a sum of 60 million barrels.
State of play: President Biden last week ordered the release of an average 1 million barrels per day for the next six months from the Strategic Petroleum Reserve.
- This new release of oil reserves from IEA countries comes on top of a previous agreement last month by the IEA to release 60 million barrels of oil.
Editor's note: This story has been updated to include a statement by White House Press Secretary Jen Psaki.