What effects would the release of US oil have?
7:22
New York (CNN Business) --
The International Energy Agency (IEA) announced Friday, after an emergency meeting, that its member countries will release additional oil from emergency reserves to cushion the blow caused by the Russian invasion of Ukraine. .
However, the IEA did not reveal key details about the scale and timing of this additional emergency action, which would come on top of the historic oil release announced by the White House on Thursday.
Biden Announces Historic Release of Oil Stockpiles and Presses Oil Companies to Do Their Part to Lower Gas Prices
The IEA said details will be made public early next week.
It would be only the fifth time in the agency's history that it has coordinated an emergency stockpile release.
In a statement, the IEA said the energy ministers of its 31 member countries "reiterate their concern about the impact on energy security of Russia's egregious actions and express their support for the sanctions imposed by the international community in response."
IEA members include the United States, the United Kingdom, Japan, and Australia.
"The possibility of large-scale disruptions in Russian oil production threatens to create a global oil supply crisis," the IEA said in the statement, noting that Russia is currently the world's third-largest oil producer and largest exporter.
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Announcing a record release of 180 million barrels of oil, US President Joe Biden said on Thursday that other countries could release 30 million to 50 million barrels of oil.
"The higher the number, the more likely prices are going to go down," Biden told reporters.
Biden's plan to release oil from the US reserve only covers a third of the Russian deficit
In early March, the IEA announced the coordinated release of 60 million barrels from member countries' emergency reserves, including 30 million from the US Strategic Petroleum Reserve.
In addition to reserve releases, the IEA said its board of directors recommends that governments and consumers "maintain and intensify energy conservation and savings efforts."
Russia exports some 5 million barrels a day of crude, accounting for about 12% of world trade, according to the IEA.
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