Paris, (Business News Report)|| The International Energy Agency (IEA) is still making unremitting efforts to calm the oil markets, at a time when it confirmed that 240 million barrels of oil will be available in the world within six months.
The IEA said that after the April 1 agreement from the agency’s member states to issue a new emergency oil stockpile, the agency’s board of directors confirmed that the total number committed so far is 120 million barrels.
This number makes it the largest inventory issue in the IEA’s history, she said.
The unanimous agreement among International Energy Agency member states on April 1 for a second collective action this year came in response to significant pressures in oil markets caused by Russia’s invasion of Ukraine.
In the days following the decision, each IEA member state was considering how much it could contribute to the stated response plan, given their local circumstances.
The commitments made by the members amounted to 120 million barrels over a period of six months. The United States will contribute about 60 million barrels, part of the larger drawdown from the Strategic Petroleum Reserve announced on March 31.
IEA stated that over the next six months, about 240 million barrels of emergency oil reserves will be made available.
This latest collective action demonstrates once again the unity of the IEA member countries in their solidarity with Ukraine and their determination to provide stability to the oil market during this difficult time, said Fatih Birol, executive director of the IEA.
Events in Ukraine are becoming more disturbing by the day, and actions are needed by the IEA at this time to relieve some pressures in energy markets, he said.
Oil prices fell at the settlement, Thursday evening, which added to the weekly losses due to the uncertainty about the ability of the euro zone to impose effective sanctions on Russian energy exports, and after consuming countries announced the withdrawal of huge quantities of oil from emergency reserves.