SARAJEVO, (Patria) - Member states of the International Energy Agency (IEA) have agreed to release 60 million barrels of oil from strategic reserves, half of which will come from the USA, "to send a strong message to oil markets that there will be no shortages" following Russia's invasion of Ukraine.
That decision was made by the agency's Board, based in Paris, which has 31 member states.
Russia plays a major role in the global energy market as the third-largest oil producer.
US Secretary of Energy Jennifer Granholm confirmed that President Joseph Biden has approved the release of 30 million barrels from US reserves and that the US is prepared to take "additional measures" if necessary.
Although Russia's energy industry has not yet been affected by Western sanctions, the attack on Ukraine has nevertheless caused major tremors in markets around the world.
Oil prices jumped on Wednesday to over $100 per barrel, the highest level since 2014.
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