Petroleum Reserved For Emergency Will Be Used For The Second Time

Due to the oil shortage that started with Russia's invasion of Ukraine, 31 member states of the International Energy Agency (IEA) stated that petroleum reserved for emergency will be used for the second time.

According to the statements of the International Energy Agency, at the extraordinary meeting held, the 31 member states of the IEA reached an agreement on the second use of emergency reserves, based on the oil problems that began with Russia's invasion of Ukraine. How much oil will be taken from the reserve will be determined in the coming days. With this decision, the IEA will have activated these oil reserves for the second time since the beginning of the war. Last month, 31 member countries of the IEA agreed to open a total of 62.7 million barrels of emergency oil reserves, so that a restriction that may occur in global markets due to supply and demand imbalances does not turn into a price increase. With the decision taken, the IEA member states open their emergency oil reserves for the fifth time in its history. Previous decisions were made in 1991, 2005, 2011 and March 1, 2022. The total emergency reserve amount of the IEA member countries is at the level of 1.5 billion barrels.