The World Will Release 60 Million Barrels Of Oil Reserves

The International Energy Agency announced that the world's major energy consumers will release 60 million barrels of oil reserves to ease the market supply gap caused by the crisis in Russia and Ukraine. But the market still doesn't feel that it is enough to offset the cost of losing Russian oil. In addition, Reuters quoted sources as saying that the Organization of the Petroleum Exporting Countries and allies such as Russia have no intention of accelerating production increases in April. The news led to a sharp rise in oil prices. International oil prices (WTI) once rose by more than 10% and exceeded the level of 100 US dollars per barrel.