IEA Nations to Release 60 Million Barrels of Oil from Strategic Reserves
Member countries are sending a strong message to oil markets that supplies won’t fall short in the midst of Russia’s attack on Ukraine.
Share
The International Energy Agency’s 31 member countries agreed Tuesday to release 60 million barrels of oil from their strategic reserves — half of that from the United States — “to send a strong message to oil markets” that supplies won't fall short after the Russian invasion of Ukraine, in a story from Manufacturing.net.
The board of the Paris-based IEA made the decision at an extraordinary meeting of energy ministers chaired by U.S. Energy Secretary Jennifer Granholm. She said in a statement that U.S. President Joe Biden approved a commitment of 30 million barrels and that the U.S. is ready to “take additional measures" if needed.
The group’s “decision reflects our common commitment to address significant market and supply disruptions related to President Putin’s war on Ukraine,” Granholm said.
Russia plays an outsized role in global energy markets as the third-largest oil producer. Its exports of 5 million barrels of crude per day amount to about 12% of the global oil trade. Some 60% goes to Europe and another 20% to China.
RELATED CONTENT
-
The Limits of Standard Manual Globe Valves for Throttling
A common practice in process services is to use manual globe valves with hand wheels for regulating flow.
-
The Role of Valves in HAZOP Studies
Process hazard analysis (PHA) is required by U.S.
-
The Pulp and Paper Industry
The pulp & paper industry has seen tough times, but the business will still be around for many decades; the product is too much in demand.
 Unloading large gate valve.jpg;maxWidth=214)
