IEA details plan to release 120 mln barrels of oil over 6 months to cool prices

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The International Energy Agency (IEA) on

Thursday listed members’ contributions to a 120-million-barrel

release of crude and oil products from emergency stockpiles

aimed at cooling global oil prices following Russia’s invasion

of Ukraine.

The release of stocks by the U.S.-allied members of the IEA,

which is made up of 31 mostly industrialized countries but not

Russia, would be their second coordinated release in a month and

would be the fifth in the agency’s history to confront oil

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market disruption.

It is the largest release from non-U.S. IEA countries on top

of the biggest release by the United States.

The United States will match the 60 million barrel draw

tapped by the other IEA countries in its 180 million barrel draw

from the U.S. Strategic Petroleum Reserve announced in March.

Global oil prices are headed for their second

weekly drop with Brent falling about $10 to below $100 a barrel

since the United States announced its largest ever oil reserve

release in late March.

Prices hit 14-year highs last month as Western sanctions on

Russia disrupted crude and oil product exports from the world’s

number two crude exporter.

The commitments made by members reached 120 million barrels

to be released over a six-month period, the IEA said.

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Japan, the second-biggest contributor, said it would release

a record 15 million barrels.

Japan’s Prime Minister Fumio Kishida told reporters late on

Thursday Russia’s invasion of Ukraine was “unforgivable” and the

release would help curb oil prices.

“We must not forgive its…