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IEA to hold emergency meeting to address the soaring oil prices

Oil And Gas

CIO Bulletin
2022-04-01

The International Energy Agency will hold an emergency meeting among consuming nations to discuss a new release of strategic reserves alongside a plan by the U.S. to pump massive supplies starting in May to dampen soaring oil prices

Following announcing the record release of 180 million oil barrels, U.S. President Joe Biden said other countries could release as many as 30-50 million oil barrels in addition to the historic U.S. release.

Major oil consumers seek ways to ease the impact of global oil prices, which have soared over 30% this year, on their economies after top oil producers group OPEC+ stuck to plans to add a modest 432,000 oil barrels per day (BDP) of supply in May.

Western sanctions on Moscow after their invasion of Ukraine are expected to observe a loss of about 3 million barrels per day of Russian oil in April, according to the IEA. The Russian government calls its activity in Ukraine a “special operation” to disarm its western neighbor.

Several members in the Asia Pacific have said they would support the IEA’s initiatives.

Japan will act appropriately on oil reserves release while closely observing global developments, Japan’s industry minister announced on Friday.