The United States will release 30 million barrels of strategic oil reserves

In his written statement, Jen Psaki emphasized that Russian President Vladimir Putin's "preferred war" is being waged against the effect.

After long consultations, the IEA member countries agreed to release 60 million barrels of oil within the scope of emergency reserves. Psaki said, "As part of this agreement, President Biden will authorize the Department of Energy to release 30 million barrels from the US strategic oil reserve."

Psaki stated that IEA member countries will continue to monitor the markets and that more oil will be considered if necessary.

Pointing out that they are ready to use any means at their disposal to limit the interruption in the global energy supply as a result of Putin's actions, Jen Psaki stated that efforts to diversify energy resources away from Russia will continue.

While the rise in oil prices accelerated due to concerns that the Russia-Ukraine war would disrupt supply, the barrel price of West Texas type (WTI) crude oil in the USA rose by more than 10 percent to $106. While WTI saw its highest level in 7 years, the barrel of Brent oil also gained more than 8 percent and found buyers at $106.

31 IEA member countries agreed to open up 60 million barrels of oil within the scope of emergency reserves to ensure that there will be no shortage of supply in the global oil markets due to the Russia-Ukraine war.