The U.S. and its allies will release 60 million barrels of oil from strategic reserves amid the Russian invasion of Ukraine.
That number will include 30 million barrels from the U.S. Strategic Petroleum Reserve, according to the White House and Department of Energy, per The Hill. The rest will come from the remaining 30 countries of the International Energy Agency.
“Today’s announcement is another example of partners around the world condemning Russia’s unprovoked and unjustified invasion of Ukraine and working together to address the impact of President Putin’s war of choice,” White House Press Secretary Jen Psaki said. “President Biden was clear from the beginning that all tools are on the table to protect American businesses and consumers, including from rising prices at the pump.”
In a separate announcement, the International Energy Agency backed international sanctions against Russia and said it made the decision to release oil from its reserves amid volatile oil prices.
“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,” Executive Director Fatih Birol said. “Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.”
The IEA is also expected to release guidance Thursday for European nations on how to minimize independence on Russian energy over the next year, as about 60 percent of Russian oil exports are to Europe.