"The International Energy Agency plans to release 60 million barrels of oil from reserves — a move intended to reduce gasoline prices that have climbed rapidly in recent weeks".

"The United States and other world powers have agreed to release 60 million barrels of oil from their strategic reserves, a move intended to reduce gasoline prices that have climbed rapidly in recent weeks, according to the International Energy Agency.

The energy agency’s governing board released a statement Tuesday attributing the decision to tight global oil markets that have become further strained by Russia’s invasion of Ukraine. Although the sanctions that countries have imposed on Russia in recent days do not directly target its oil and gas sectors, continued fighting is expected to disrupt supply routes through Ukraine and the Black Sea, shrinking crude oil stocks dramatically.

With crude oil prices climbing to well over $100 a barrel — and with some industry analysts predicting prices could hit $130 — the energy agency said its intent is to “send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine.”"

Anna Phillips and Steven Mufson report for the Washington Post March 1, 2022. [2]