Saturday, May 21

IEA countries to tap 60 mln barrels of oil on top of US release -sources

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Member countries of the International Energy Agency besides the United States have agreed to release 60 million barrels of oil from storage, two member government sources told Reuters on Wednesday.

The amount will be matched by the United States as part of Washington’s pledge last week to tap 180 million barrels of oil from storage, they added.

The massive releases are aimed at cooling prices and easing supply concerns as sanctions and buyer aversion disrupts Russian oil supplies in the wake of its invasion of Ukraine. (Writing by Noah Browning; editing by David Evans)