THE International Energy Agency (IEA)'s member countries will release 60 million barrels of oil from emergency reserves to temper the rise of oil prices. The 31-strong group agreed to the measure during an extraordinary meeting of the agency's governing board in what the IEA said was intended 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". The release, which is not unprecedented, came as the price of both the Brent and West Texas Intermediate benchmark crudes soared past $110 per barrel, reaching levels not seen since before the oil crash of 2014. The emergency ministerial meeting was chaired by US Secretary of Energy Jennifer Granholm in her capacity as chair of this year's IEA Ministerial Meeting.
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