IEA nations to release millions of barrels of oil amid war

IEA Executive Director Fatih Birol (Michel Euler/AP)

The International Energy Agency said that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous US pledges to take aim at energy prices that have soared since Russia invaded Ukraine.

The Paris-based organisation says the new commitments made by its 31 member nations, which include the United States and much of Europe, amount to a total of 120 million barrels over six months, the largest release in the group’s history.