The Paris-based organization says the new commitments made by its 31 member nations, which include the United States and much of Europe, amount to a total of 120 million barrels over six months, the largest release in the group's history. It comes on top of the 62.7 million barrels that the agency’s members said they would release last month to ease shortages. High energy prices have fueled inflation worldwide, and the war in Ukraine exacerbated the problem amid uncertainties about oil and natural gas supplies from Russia and Western sanctions on Moscow. Russia is the world’s third-largest oil producer, with about 60% of exports going to Europe and 20% going to China. IEA member countries hold 1.5 billion barrels in public reserves.

Source: ABC News April 08, 2022 10:19 UTC