The IEA Ministerial Meeting being held on Tuesday has resulted in an agreement of some of its members to release 60 million barrels of crude oil from various countries’ strategic petroleum reserves. The United States has agreed to release 30 million barrels of crude oil from its SPR. The rest of the IEA members in Europe and Asia will release the remaining 30 million barrels.
The concerted release is said to have a greater impact on the global oil markets than just a single country’s release—but analysts have questioned how much…Oil Prices Soar Despite News Of Strategic Petroleum Reserve Release
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