Member nations of the International Energy Agency(IEA)agreed on Tuesday to release 60 million barrels of oil from their strategic stockpiles to counter fears of a supply shortfall as a result of the war in Ukraine.The move failed to reassure the market,however,with Brent crude futures breaking above $107 per barrel at one point before settling some 7% higher at $104.97.One trader told Energy Intelligence that the initiative-only the fourth such coordinated effort in the IEA's history-was"immaterial."To put it into perspective,global oil consumption was running at around 100 million barrels per day in the fi nal quarter of 2021."Global energy security is under threat,putting the world economy at risk during a fragile stage of the recovery,"IEA Executive Director Fatih Birol said on Tuesday.
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