Cyprus Mail

IEA vows to ensure global energy security in wake of Ukraine invasion

oil refinery coastal texas
Release of additional oil from global strategic crude reserves under IEA discussion

The International Energy Agency pledged to protect global energy security, the Paris-based watchdog said on Friday, after convening a meeting to discuss Russia’s invasion of Ukraine.

“Today I convened a meeting to bring together representatives of the IEA’s 31 member countries,” IEA executive director Fatih Birol said in a statement.

“We reviewed how the Russian invasion has increased concerns among oil market participants against the backdrop of already tight global markets and heightened price volatility.”

“We discussed options the IEA could take over the coming days and weeks,” he added. Citing the risk of a further escalation, Birol said IEA member countries agreed to continue to act in solidarity to ensure global energy security.

US President Joe Biden said on Thursday the United States is working with other countries on a combined release of additional oil from global strategic crude reserves after international oil prices topped $105.

“This is to ensure all are on the same page on current market conditions” a US source with knowledge of the talks told Reuters, adding that the IEA gathering was separate from talks about coordinated drawdowns of strategic oil reserves.

Such a plan would be in addition to a coordinated release of oil stockpiles organised by Washington last November, under which the United States released about 50 million barrels of oil from its Strategic Petroleum Reserve through sales and exchanges.

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