Apr 6, 2022 - Energy & Environment

IEA countries agree to release another 60 million barrels of oil

Crude oil pipelines

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.

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