Its member countries International Energy Agency (ILO) will discuss tomorrow, Friday at 15:00 (Greek time) the possible release of a quantity oil of their strategic reserves, the New Zealand Ministry of Energy announced today.
“The amount of possible joint release of stocks has not been decided,” said a spokeswoman for Megan Woods, New Zealand’s energy minister, according to AMPE.
The IOC convened an extraordinary inter-ministerial meeting for tomorrow.
The talks are expected to define “total volume” before the “country-by-country” decision follows, the spokeswoman explained.
THE Russian invasion of Ukraine and Western sanctions on Moscow have pushed up oil prices. Russia is one of the world’s largest oil producers; it contributes 10% of its global supply. But sanctions and investor reluctance are expected to reduce the amount of Russian oil on the market by about three million barrels a day from April, according to the ILO.
Source: News Beast
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