U.S., Allies Discuss 60 Million-Barrel Release From Oil Rese (Bloomberg) — The U.S. and its allies are discussing a coordinated release of about 60 million barrels of oil from their emergency stockpiles after Russia’s invasion of Ukraine pushed crude prices above $100, according to three people familiar with the matter.
U.S. ally nations are said to be considering a release of about 30 million barrels, while an additional 30 million would come from the U.S. Strategic Petroleum Reserve, according to the people, who asked not to be identified discussing non-public deliberations.
While no decisions have been made, the U.S. has been coordinating for with International Energy Agency member nations. The U.S. Energy Department didn’t immediately respond to a request for comment, and the International Energy Agency, which would typically coordinate any such release, didn’t respond to a request for comment.
European Union ministers will discuss on Monday coordinated release of emergency oil supplies in the framework of the IEA, the bloc’s energy chief Kadri Simson said before an emergency meeting of member states.
Crude prices shot above $105 a barrel last week for the first time since 2014 on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions.
The rally is exacerbating an inflationary surge for energy-consuming nations, threatening the economic recovery and worsening a cost-of-living crisis for millions.