The United States and its allies are considering releasing emergency oil reserves

According to European and Persian Gulf officials, the United States and other major oil-consuming countries are considering releasing 70 million barrels of oil from emergency reserves as oil prices rise. The assessment comes amid growing concerns over the supply of goods since Russia invaded Ukraine early Thursday morning.

Officials said members of the Paris-based International Energy Agency (IEA), which represents the most industrialized nations, could agree on Monday or Tuesday to tap their national strategic oil reserves.

This result includes 40 million barrels from the United States, mostly light quality, sources said.

The current head of the Organization of the Petroleum Exporting Countries (OPEC) has explained to Saudi Arabia that the United States should not react to the move by halting planned production increases, the sources added.

During a visit to the site in early February, U.S. officials did not ask for additional supplies from Saudi Arabia, which, after being previously rejected, was explained by people on both sides.

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The IEA declined to comment. The U.S. Department of Energy did not respond to a request for comment.

Increase in production

The OPEC delegation and its Russian-led oil production partners plan to increase their combined production to 400,000 barrels per day (bpd) in April at a meeting scheduled for this weekend. The increase is in line with what Cartel, also known as OPEC +, agreed to last year as part of a plan to increase production to a pre-epidemic level.

At last week’s internal preparatory meetings to discuss the potential distribution impact of the Russian invasion of Ukraine, the cartel maintained its estimate of surplus in the first quarter of the year in the absence of major Russian obstacles, deputies said.

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