News > U.S. says it is discussing further coordinated oil release with allies

U.S. says it is discussing further coordinated oil release with allies

IEA member states agreed to release over 60 million barrels of oil reserves earlier this month to cool rising prices that have hit the cost of living and spurred inflation.

Speaking alongside Granholm, IEA Executive Director Fatih Birol said the earlier release constituted just 4% of the total storage of its member countries, which includes 31 mostly industrialized countries but not Russia.