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- IEA nations to release additional 60M barrels of oil on top of already announced 180M barrel release by US
IEA nations to release additional 60M barrels of oil on top of already announced 180M barrel release by US
Members of the International Energy Agency (IEA) will release 120M barrels of crude oil in a bid to cool markets, reported Bloomberg on Wednesday. The US will provide 60M of these barrels and this will be included as part of the already announced 180M barrel release that US authorities announced last week. 60M barrels will come from other nations.
The total amount of crude oil now set to be released by IEA members in the coming months now stands at 240M barrels, which is nearly equal to about two and a half days worth of global demand.
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