Ministers from International Energy Agency (IEA) member states are weighing the release of 60 million barrels from oil reserves, two sources familiar with the talks said on Tuesday, to cool oil prices soaring from Russia’s invasion of Ukraine.
US Energy Secretary Jennifer Granholm is chairing the extraordinary ministerial meeting of the Paris-based IEA, which represents mostly industrialised nations and has coordinated three emergency oil stock releases in the past.
Crude oil was trading around $104 a barrel on Tuesday as some buyers shunned Russian barrels after Western allies imposed sanctions on Moscow, while supplies worldwide have tightened as economic demand has soared, with output struggling to keep up.
