IEA countries to release 120 mil barrels, US SPR contribution 60 mil barrels: Birol

International Energy Agency member countries have agreed to release 120 million barrels of oil from storage, which includes 60 million barrels from the US, as part of its overall draw from its strategic petroleum reserve, IEA Executive Director Fatih Birol tweeted April 6.

This comes after the US pledged to tap 180 million barrels of oil last week, effectively releasing 1 million b/d for six months from May, in a bid to alleviate market concerns over potential shortages from a drop in Russian oil exports.