The International Energy Agency (IEA) announced on Thursday that its members will release 120 million barrels of crude oil reserves over the next six months, in the face of the global energy shortage caused by the conflict in Ukraine.
The Governing Board of IEA confirmed that it's the largest stock release in IEA's history.
IEA said the "unanimous" agreement to release the stock was reached by its 31 member countries on April 1.
It is the IEA's second release of reserves since the Russia-Ukraine conflict. In a first step, 62.7 million barrels of crude oil were freed up on March 1.
Prior to the Russia-Ukraine crisis, IEA member countries held emergency stockpiles of 1.5 billion barrels.
ABOUT CHINA MINING
CHINA MINING CONFERENCE AND EXHIBITION (CHINA MINING) IS OFFICIALLY SUPPORTED BY MINISTRY OF NATURAL RESOURCES CHINA. SINCE FIRST HELD IN 1999, CHINA MINING HAS BECOME ONE OF THE WORLD’S TOP MINING EVENTS AND ONE OF THE WORLD’S LARGEST MINING EXPLORATION, DEVELOPMENT AND TRADING PLATFORMS, COVERING ALL ASPECTS OF THE WHOLE MINING INDUSTRY CHAIN, INCLUDING SURVEY AND EVALUATION, EXPLORATION AND MINING, TECHNIQUES AND EQUIPMENT, INVESTMENT AND FINANCE, TRADE AND SERVICES, ETC., PLAYING AN ACTIVE PROMOTION ROLE IN CREATING EXCHANGE OPPORTUNITIES AND ENHANCING MUTUAL COOPERATION BETWEEN DOMESTIC AND FOREIGN MINING ENTERPRISES.
With the theme of "Multilateral cooperation—for development and prosperity of post pandemic era", China Mining Conference and Exhibition 2021 (CHINA MINING 2021) was held in Tianjin China on October 21-23, 2021. For more information about CHINA MINING, please visit: m.balanzskin.com/en/.
