The 31 Member Countries of the Governing Board of the International Energy Agency (IEA) have today agreed to release 60 million barrels of oil from their emergency reserves.

The move is expected to provide stability to oil markets.

The IEA Ministers stressed that the escalating crisis between Russia and Ukraine could have a strong impact on energy security.

Countries’ representatives also voiced support for the financial sanctions imposed on Russia. 

IEA Executive Director Fatih Birol said: “It is heartening to see how quickly the global community has united to condemn Russia’s actions and respond decisively.

“I am also happy that our member countries committed to do their utmost to support Ukraine in terms of fuel supply.”