The International Energy Agency (IEA) has decided to release 60 million barrels of oil from strategic reserves as a precautionary measure by allowing Russian military intervention in Ukraine.
Half a barrel of crude oil, 30 million barrels of crude oil were extracted from the United States from its strategic reserves.
The decision was made by the IEA in order to “send a message to the oil industry” that “there should be no shortage of Russian invasion of Ukraine,” he said, referring to international agencies based in Paris.
U.S. Secretary of Energy Jennifer Granholm says President Joseph Biden has donated 30 million barrels to the United States and is ready to “give it another chance” if necessary.
Russia has a large oil and gas industry, which is the third largest producer of oil.
The price of oil is higher than the US reference price for crude oil at over $ 100 per barrel, which is the highest price since 2014.