Paris, April 8 (SocialNews.XYZ) The International Energy Agency (IEA) has announced that its members will release 120 million barrels of crude oil reserves over the next six months, in the face of the global energy shortage caused by the conflict in Ukraine.
The Governing Board of IEA confirmed that it's the largest stock release in IEA's history, Xinhua news agency reported.
IEA said the "unanimous" agreement to release the stock was reached by its 31 member countries on April 1.
It is the IEA's second release of reserves since the Russia-Ukraine conflict. In a first step, 62.7 million barrels of crude oil were freed up on March 1.
Prior to the Russia-Ukraine crisis, IEA member countries held emergency stockpiles of 1.5 billion barrels.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
