Nations agree to release 60M barrels of oil amid Russian war

The International Energy Agency’s 31 member countries have agreed to release 60 million barrels of oil from their strategic reserves. U.S. President Joe Biden approved a commitment of 30 million barrels. The release amounts to 4% of stockpiles, or roughly 2 million barrels per day for 30 days. It’s only the fourth time in history that the IEA has done a coordinated drawdown since the reserves were established in the wake of the Arab oil embargo in 1974. Russia plays an outsized role in the global energy markets as the third-largest oil producer. The price of crude oil determines a big portion of the price of what drivers pay to fill up their cars with gasoline in the U.N. from a big part of what they pay. . . .