FRANKFURT, Germany — All 31 member countries of the International Energy Agency have agreed to release 60 million barrels of oil from their strategic reserves — half of that from the United States — “to send a strong message to oil markets” that there will be “no shortfall in supplies” after Russia invaded Ukraine, the group said Tuesday.
Russia plays an outsized role in global energy markets as the third-largest oil producer. Its exports of 5 million barrels of crude per day amount to about 12% of the global oil trade. Some 60% goes to Europe and another 20% to China. “The situation in energy markets is very serious and demands our full attention,” IEA executive director Fatih Birol said. “Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.”
National Petroleum Reserve Alaska?
gets paid to print the narrative
we better get our tax money from BP and the others.
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