Its member countries International Energy Agency (IOC) will discuss tomorrow, Friday at 15:00 (Greek time) the possible release of a quantity of oil from 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 spokesman for Megan Woods, New Zealand’s energy minister.
The IOC convened an extraordinary inter-ministerial meeting for tomorrow.
In these talks it is expected to be set “The total volume” before the decision on “country-by-country distribution” followed, the spokeswoman explained.
Russia’s invasion of Ukraine and Western sanctions on Moscow have pushed up oil prices. Russia is one of the major oil producers in the world • contributes 10% of the quantity available worldwide. 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.
Crude was at $ 101.54 a barrel, while Brent was trading at $ 106.09 a barrel.
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