An emergency conference of the International Energy Agency will be held with consumer nations to consider a fresh release of strategic reserves and a U.S. plan to pump enormous quantities of oil starting in May to tamp down surging oil prices.
U.S. President Joe Biden stated that additional releases from other nations could total between 30 and 50 million barrels in addition to the historic 180 million barrel release from the United States.
After leading oil producers group OPEC+ kept to plans to add a modest 432,000 oil barrels per day (BDP) of oil, major oil consumers are looking for methods to lessen the impact of rising global oil prices on their economy, which have increased over 30% this year.
According to the IEA, Western sanctions against Moscow following their invasion of Ukraine are anticipated to result in a loss of roughly 3 million barrels per day of Russian oil in April. To disarm its western neighbour, the Russian government refers to its actions in Ukraine as “special operations.”
Many members in the Asia Pacific region have declared their support for IEA efforts.
Japan will release its oil reserves in a responsible manner while closely monitoring world events, the country’s industry minister said on Friday.