Bloomberg: IEA to release 120M barrels of oil to ease prices

The International Energy Agency (IEA) will release 120 million barrels of oil to ease prices, half of which would come from the US, while other IEA members would provide the rest, a Bloomberg reporter said on Twitter, Report informs referring to Reuters.

The US contribution would be a part of the 180 million barrels that President Joe Biden has already announced, the reporter said, citing unidentified sources.

A total of 240 million barrels of oil will enter the market (180 million barrels from the US and 60 million from the IEA countries).

During the existence of the organization, such decisions were made in 1991, 2005, 2011, and also on March 1, 2022. Last time, 62.7 million barrels of oil were released to the market.