On March 1st, the United States and 30 other countries that are members of the International Energy Agency (IEA) committed to releasing a total of 60 million barrels of oil from strategic reserves in an effort to stabilise the global energy markets, in response to Russia’s invasion of Ukraine.
ollowing an emergency meeting of the International Energy Agency (IEA) member countries, , U.S. Secretary of Energy Jennifer M. Granholm released a statement explained that this decision reflects common commitment to address significant market and supply disruptions related to President Putin’s war on Ukraine.
In line with this decision, President Biden authorized me to make an initial commitment on behalf of the United States of 30 million barrels of oil to be released from the Strategic Petroleum Reserve. We stand prepared to take additional measures if conditions warrant.
Mr. Granholm highlighted.
According to the statement, the United States believes that investing in clean energy is the best way to reduce domestic and international dependence on Russian oil and gas. Clean energy technologies are available and cost-effective today and offer the surest path towards a world where energy supply cannot be used as a means of political coercion or a threat to national security, and where families and businesses are protected from volatile prices and markets.
”Accordingly, we continue to support ambitious international clean energy goals and near-term action, including strong domestic climate action, and the pursuit of a net-zero emissions economy by 2050.” , she US Secretary of Energy said.
IEA Executive Director, Fatih Birol, also commented: “It is heartening to see how quickly the global community has united to condemn Russia’s actions and respond decisively. I am pleased that the IEA has also come together today to take action. The situation in energy markets is very serious and demands our full attention. Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.”
Ministers also discussed Europe’s significant reliance on Russian natural gas and the need to reduce this by looking to other suppliers, including via LNG, and to continue to pursue a well-managed acceleration of clean energy transitions. The IEA Secretariat plans to release a 10-Point Plan on Thursday for how European countries can reduce their reliance on Russian gas supplies by next winter.