The International Energy Agency (IEA) may release more oil barrels from its reserves to alleviate soaring fuel prices amid Russia’s continued invasion of Ukraine.
It will also draw up a plan of action to reduce oil usage, the head of IEA said, on further fears of supply problems following the West’s sanctions on Russia – the second-largest crude oil exporter in the world.
"Next week, as we did for gas, we are coming up with a 10-point action plan how to reduce oil in a hurry," Fatih Birol, executive director, said at a Paris energy conference.
"In oil markets, the most difficult months are the summer months, the so-called 'driving season', when the demand goes up, around June-July," Birol added.
The IEA, which represents 31 nations but not Russia, agreed last week to release 60mln barrels of oil reserves.
This was labeled as “an initial response” and the IEA added "it is only 4% of our stocks. If there's a need, if our governments decide so, we can bring more oil to the markets, as one part of the response."
The US already imposed an instant ban on Russian oil, gas, and coal on Tuesday, while Downing Street plans to phase out Russian oil by the end of 2022 (read more).