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US & allies agree to release 60 million barrels of oil from their reserves

US & allies agree to release 60 million barrels of oil from their reserves

The US and its allies have agreed to free up 60 million barrels of their reserves, the White House and the International Energy Agency (IEA) announced Tuesday, as leaders seek to mitigate the impact of Russia’s invasion of Ukraine on fuel prices.

Half of this total, 30 million barrels, will come from the US Strategic Petroleum Reserve, and the other half will come from allies in Europe and Asia, and among these other allies are Germany, the UK, Italy, the Netherlands, and other major European countries, in addition to Japan and South Korea.

The invasion of Ukraine raised concerns about supply disruptions from Russia, the world’s second-largest oil producer. Brent oil prices closed above $100 a barrel on Monday, US crude and Brent crude jumped another 5%, on Tuesday, even as the International Energy Agency met to discuss the response to the Russia-Ukraine crisis.

US officials have spent the past several weeks in calls and meetings with counterparts from major energy supplier countries trying to secure commitments to refill any market disruptions.

The efforts included a personal visit to Saudi Arabia from two senior administration officials to discuss the need to address the impact on oil markets. The US informed Saudi Arabia first before announcing the use of the oil reserves.

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