(Updated with context and quote from IEA Director)
PARIS, March 9 (Reuters) – The International Energy Agency (IEA) will present an emergency plan on oil next week, its director, Fatih Birol, announced on Wednesday, as crude oil prices have soared since Russia’s invasion of Ukraine.
On March 1, IEA members agreed to release 60 million barrels of oil reserves on world markets to meet this price hike.
The United States for its part suspended imports of Russian oil and gas on Tuesday in retaliation for the offensive on Ukraine.
Fatih Birol also said that the IEA would seek solutions to reduce oil demand in the coming months.
“(The 60 million barrels) was a first response. This represents only 4% of our reserves. If necessary, if our governments decide so, we can bring more oil to the markets”, said Fatih Birol during of an energy conference in Paris. (Report Benjamin Mallet, written by Matthieu Protard, edited by Blandine Hénault)
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