The Biden administration will join with other governments to deploy 60 million barrels of crude oil from strategic reserves in an effort to counteract the increase in oil and prices caused by Russia’s invasion of Ukraine.
The release from the Strategic Petroleum Reserve would be the second undertaken by President Joe Biden, who is facing criticism from Republicans and the industry for opposing added domestic oil and gas production while resorting to other measures to limit price increases.
The White House on Tuesday confirmed the news, noting that the release will be done in coordination with International Energy Agency member states.
Half the total amount, or 30 million barrels, will come from the U.S. Special Petroleum Reserve, the White House said, while allies in Europe and Asia will supply the rest.
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Last fall, Biden authorized the release of 50 million barrels from the reserve, seeking to tamp down high gas prices.
News of the release comes as prices for oil soared again on Tuesday, with futures for Brent crude climbing to more than $100 a barrel.
In a statement, the White House said the coordinated IEA effort marks yet “another example of partners around the world” condemning Russia’s unprovoked invasion.
Biden “was clear from the beginning that all tools are on the table to protect American businesses and consumers, including from rising prices at the pump,” White House press secretary Jen Psaki said.
In addition, Psaki added, IEA members agreed to continue monitoring markets and will “consider further releases as necessary.”
“We are prepared to use every tool available to us to limit disruption to global energy supply as a result of President Putin’s actions,” she said. “We will also continue our efforts to accelerate diversification of energy supplies away from Russia and to secure the world from Moscow’s weaponization of oil and gas.”
The news came as representatives from all 31 IEA member nations convened in Frankfurt for an emergency meeting to discuss the Russian invasion and craft plans to respond. Other member nations include the U.K., Germany, France, Japan, and Canada.
The meeting was chaired by U.S. Energy Secretary Jennifer Granholm, who said in a statement Tuesday afternoon that the group’s “decision reflects our common commitment to address significant market and supply disruptions related to President Putin’s war on Ukraine.”
The U.S. is ready to “take additional measures” if needed, Granholm added.
Today’s move is just the fourth time in history that the IEA has implemented a coordinated drawdown of its strategic reserves, the AP reported, and was intended to “send a strong message to oil markets” that supplies won’t fall short amid Putin’s continued aggression.
“The situation in energy markets is very serious and demands our full attention,” IEA executive director Fatih Birol said.
“Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.”
New of the joint release comes after the OPEC coalition, led by Russia and Saudi Arabia, dismissed calls from Biden last year to increase its supplies more quickly, Bloomberg reported. OPEC meets again Wednesday to discuss its production plans for the month ahead.
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Tuesday’s announcement marks the first time the IEA has coordinated a release of oil stocks since the Libyan Civil War more than a decade ago.
