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International Energy Agency
On Wednesday, the International Energy Agency announced the withdrawal of an additional 120 million barrels from its oil reserves. To curb price hikes under the influence of the war in Ukraine.
Agency Executive Director Fatih Birol said in a tweet on Twitter: “The process of releasing an oil stockpile of 120 million barrels has begun. (including 60 million barrels contributed by the United States).
The International Energy Agency, which was established in 1975, consists of 31 countries, including the United States, Japan, Germany, Spain, France, Italy, and Britain.
The @IEA is moving ahead with a collective oil stock release of 120 million barrels (including 60 million barrels contributed by the US as part of its overall draw from its Strategic Petroleum Reserve).
More details of specific contributions will be made public soon.
— Fatih Birol (@fbirol) April 6, 2022
British Prime Minister seeks to persuade Saudi Arabia to increase oil production
On March 14, Ritters said British Prime Minister Boris Johnson was seeking to persuade the Saudis to increase oil production. To counter the rise in prices in light of the continuing consequences of the Russian military intervention in Ukraine.
As you mentioned Archyde.com. A British government minister told The Times that Johnson is “leading an international effort to engage Saudi Arabia in finding a solution to the high oil price crisis.”
The British newspaper, The Times, had revealed earlier that the British Prime Minister would visit Saudi Arabia this week.
Oil prices have risen significantly since the beginning of the Russian military operation in Ukraine. It crossed the $100 per barrel threshold, reaching $136.