IEA Nations Agree to Join Biden’s Massive Oil-Stock Release
- Other members will decide on volumes, timing later, says Japan
- Biden said allies may release 30 million to 50 million barrels
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Several U.S. allies will join President Joe Biden’ss unprecedented deployment of oil stockpiles in an effort to ease the economic damage from high energy prices.
Members of the International Energy Agency agreed on Friday to make another round of releases from their emergency fuel reserves, said Hidechika Koizumi, the director of the international affairs division at Japan’s trade ministry. The timing and volumes of the releases from each country will be decided at a later date.