Member nations of the International Energy Agency have agreed to a new coordinated release of oil reserves to curb soaring prices.
The size and duration will be announced next week.
Ministers from members including Japan, the United States and European countries held an extraordinary online meeting on Friday.
They discussed how to address market turmoil stemming from Russia's invasion of Ukraine.
The agency estimates losses of 3 million barrels of Russian oil per day from April due to the impact of severe economic sanctions.
The decision to release reserves comes after the US government announced its own unprecedented release of 1 million barrels per day for six months, starting in May.
On March 1, IEA members pledged a release of reserves totaling 60 million barrels. Attention is focused on what effect the latest decision will have on prices.
The size and duration will be announced next week.
Ministers from members including Japan, the United States and European countries held an extraordinary online meeting on Friday.
They discussed how to address market turmoil stemming from Russia's invasion of Ukraine.
The agency estimates losses of 3 million barrels of Russian oil per day from April due to the impact of severe economic sanctions.
The decision to release reserves comes after the US government announced its own unprecedented release of 1 million barrels per day for six months, starting in May.
On March 1, IEA members pledged a release of reserves totaling 60 million barrels. Attention is focused on what effect the latest decision will have on prices.
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Summary
International Energy Agency members have decided on a coordinated oil reserve release to combat rising prices, with details on size and duration to be announced next week. This decision follows the U.S. government's announcement of an unprecedented oil release due to Russia's invasion of Ukraine.
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ID: 62478b86-7468-4098-8050-7a9cc0a80b98
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20220402_04/
Date: April 2, 2022
Created: 2022/04/02 08:32
Updated: 2025/12/09 17:17
Last Read: 2022/04/02 08:32