Biden, allies again tap emergency crude oil stockpiles amid Ukraine crisis

President Joe Biden will join other Western nations in releasing a total of 60 million barrels of crude oil amid the Ukraine crisis, the coalition announced Tuesday.

Overall, 31 member nations of the International Energy Agency (IEA), including the U.S., agreed to coordinate the release, according to the Paris-based group. The decision was made in light of Russia’s invasion of Ukraine and its subsequent effects on global energy security.

“It is heartening to see how quickly the global community has united to condemn Russia’s actions and respond decisively,” IEA Executive Director Fatih Birol said in a statement. “I am pleased that the IEA has also come together today to take action. The situation in energy markets is very serious and demands our full attention.”

“Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery,” Birol continued. – READ MORE

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