IEA agrees to release reserves as crude oil falls below $100
BENGALURU: The decision of the International Energy Agency (IEA) to release crude and oil from its emergency stockpiles has started showing its impact as the crude oil price in the international market on Friday fell below $100 per barrel.
Brent Crude futures was trading at $99.98 per barrel, down by 1.07% while WTI was trading at $95.61 per barrel, down by 0.44%. The crude price in the International market has been on boil ever since Russia started military operations in Ukraine. In retaliation, the US and other European countries put various sanctions on Russia including banning Russian oil and other energy imports.
However, this action only hiked the global crude oil price. The Brent Crude futures, the benchmark of global crude price, even touched $139 per barrel in the first week of March 2022, highest since 2014.
Therefore, to cool down the global crude oil price, the International Energy Agency (IEA) agreed to a 120-million-barrel release of crude and oil from emergency stockpiles. This is the second collective release by the IEA members, last month the IEA had agreed to release 62.7 million barrels of oil.
India welcomed the announcement by the IEA and said in the interest of collaborating with like-minded countries on these positive initiatives, India is examining what it can do to support these actions. “In the interest of collaborating with like-minded countries on these positive initiatives, the Government of India is examining what it can do to support these actions. In the interest of collaborating with like-minded countries on these positive initiatives, the Government of India is examining what it can do to support these actions,” said the ministry.