IEA member countries commit to release 61.7 million barrels of oil – The National

IEA member countries commit to release 61.7 million barrels of oil – The National

International Energy Agency (IEA) member countries have committed to release 61.7 million barrels of oil reserves as of Friday as part of the emergency stock release announced by the agency on Tuesday.

The amount exceeds the 60 million barrels of oil that IEA countries had pledged to release from emergency stocks to bring stability to energy markets as the Russia-Ukraine crisis intensifies.

The United States 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.