The International Energy Agency (IEA) members are ready to release more oil from reserve stocks to calm rising energy prices, Financial Times reported, citing Executive Director Fatih Birol.

 

The last week's coordinated release by the US and other major countries of 60 million barrels was an initial response. The IEA is ready to do everything to reduce the volatility in energy markets caused by Russia's invasion of Ukraine.

 

"We are ready to release as much oil as possible," Birol said, noting that 60 million barrels constitute only 4% of the total strategic oil reserves of IEA members.

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