The Strategist

IEA countries to discuss impact of conflict in Ukraine on oil market

03/01/2022 - 11:00

International Energy Agency (IEA) countries will hold an extraordinary energy ministerial meeting on Tuesday, March 1, to discuss the impact of events in Ukraine on the oil market, IEA head Fatih Birol said.

"We will hold an extraordinary IEA ministerial meeting tomorrow on the impact of Russian troops entering Ukraine on oil supplies and what role IEA members can play in stabilizing energy markets," Birol said on Twitter.

Earlier, The Wall Street Journal, citing European and Gulf officials, reported that the U.S. and IEA countries could release 70 million barrels of oil from strategic reserves in response to an escalation between Russia and Ukraine that has caused a spike in oil prices.

It was clarified that the US had already informed OPEC+ of its intention to use oil from reserves to make sure in advance that the alliance would not interrupt the planned increase in oil production on its part.