US, Allies To Release 60M Barrels Of Oil From Reserves As Russian Invasion Of Ukraine Causes Price Spike

CBS Dallas/Fort Worth

March 1, 2022

The US and its allies have agreed to a release of 60 million barrels from their oil reserves, according to sources familiar with the decision, as leaders seek to dampen the effect of Russia’s invasion of Ukraine on gasoline prices at home.

Half of that total — 30 million barrels — will come from the US Strategic Petroleum Reserve, and the other half will come from allies in Europe and Asia. Those other allies include Germany, the United Kingdom, Italy, the Netherlands and other major European countries, as well as Japan and South Korea.

The invasion of Ukraine has driven concerns about a supply disruption from Russia, the world’s No. 2 oil producer. Brent oil prices closed above $100 a barrel on Monday for the first time since 2014. US crude and Brent jumped another 5% on Tuesday even as the International Energy Agency meets to discuss a response to the Russia-Ukraine crisis.

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