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 US — “to send a strong message to oil…
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 US — “to send a strong message to oil markets” that supplies won’t fall short after the Russian invasion of Ukraine.
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%Bloomberg “The situation in energy markets is very serious and demands our full attention,” IEA executive director Fatih Birol said. “Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.”
. The national average for a gallon of gas is $3.61, which is 26 cents more than a month ago and 90 cents more than a year ago, according to motor club federation AAA. Stewart Glickman, an oil analyst for CFRA Research, said the latest release from the SPR would only be partially helpful, because most of the reserves are light oil, while the US largely imports a heavier grade of oil from Russia.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nations agree to release 60 million barrels of oil amid Ukraine warThe IEA board made the decision at an extraordinary meeting of energy ministers chaired by U.S. Energy Secretary Jennifer Granholm. Besides the United States, other members of the organization include the United States, Germany, France, the United Kingdom, Japan and Canada.
Read more »
Nations agree to release 60 million barrels of oil amid warAll 31 member countries of the International Energy Agency agreed to release 60M barrels of oil from their strategic reserves 'to send a strong message to oil markets' that there'll be 'no shortfall in supplies' as a result of Russia's invasion of Ukraine.
Read more »
New 2022 Mazda CX-60: front end of 300bhp PHEV previewed | AutocarNew SUV flagship will have a minimalist exterior inspired by 'Ma,' which emphasises the “calm and beauty of empty space'
Read more »
Abortion down 60% after law, Texas attorney general saysTexas Attorney General Ken Paxton on Monday said the state’s ban on abortions after a fetal heartbeat is detected has saved “17,000 newborn lives” in the six months since the law went into effect.
Read more »
Louisiana city apologizes 60 years after church beatingNEW ORLEANS (AP) — The Rev. Asriel McLain was 10 years old when mounted police in Shreveport, Louisiana, burst through the doors at his father's church, where a memorial service had been held for four girls killed in a church bombing in Birmingham, Alabama, in September 1963.
Read more »
Beneteau to premiere Oceanis Yacht 60 at CannesBeneteau's elegant Oceanis Yacht 60 will debut at this year's CannesYachtingFestival from 6 September. See more here. sailingyacht yachting luxuryyachts
Read more »