U.S. and other IEA countries will draw 70 million barrels of oil from reserves

The United States and other hydrocarbon-consuming countries are considering drawing on about 70 million barrels of oil from strategic reserves, The Wall Street Journal reported.

Members of the International Energy Agency (IEA) may agree by Tuesday on such a decision to slow the rise in energy prices in light of fears of supply disruptions due to Russia’s special military operation in Ukraine. About 40 of the 70 million barrels will be released from U.S. strategic reserves.

Since December 2021, the value of WTI crude oil futures on the New York Stock Exchange has almost doubled by half, from $66 to more than $90 per barrel. In November 2021, U.S. President Joe Biden had already made a similar decision and ordered to use 50 million barrels of oil from the country’s strategic reserves. As noted in the White House, this was done in order to reduce fuel prices for Americans and stabilize supply and demand on the world market after the pandemic.