{"id":9025,"date":"2022-04-16T06:24:00","date_gmt":"2022-04-16T00:54:00","guid":{"rendered":"https:\/\/polscienceweb.com\/?post_type=portfolio&#038;p=9025"},"modified":"2022-04-16T06:55:40","modified_gmt":"2022-04-16T01:25:40","slug":"iea-releases-oil-reserves-in-response-to-russias-invasion-of-ukraine","status":"publish","type":"portfolio","link":"https:\/\/polscienceweb.com\/index.php\/portfolio\/iea-releases-oil-reserves-in-response-to-russias-invasion-of-ukraine\/","title":{"rendered":"IEA releases oil reserves in response to Russia&#8217;s invasion of Ukraine"},"content":{"rendered":"\n<h4 class=\"has-text-align-center wp-block-heading\">The amount pledged for release is the largest in the IEA&#8217;s history<\/h4>\n\n\n<div class=\"has-text-align-center wp-block-post-date\"><time datetime=\"2022-04-16T06:24:00+05:30\">16th April 2022<\/time><\/div>\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<details class=\"wp-block-verse\" style=\"font-size: 18.5px; text-align: justify;\">\n<summary class=\"wo-block-verse\" style=\"font-size: 18.5px; text-align: center;\">Read more<br><br><\/summary>\n\n\n\n<p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\">The <a href=\"https:\/\/polscienceweb.com\/index.php\/international-energy-agency-iea\/\" target=\"_blank\" rel=\"noreferrer noopener\">International Energy Agency<\/a> (IEA) has been continuously monitoring the global effects of <a href=\"https:\/\/polscienceweb.com\/index.php\/portfolio\/russia-has-launched-an-all-out-invasion-of-ukraine\/\" target=\"_blank\" rel=\"noreferrer noopener\">Russia&#8217;s invasion of Ukraine<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\">The IEA stated that its 31 member countries, including the United States, will release 120 million barrels of oil from their emergency reserves over the next six months, in addition to the 62.7 million barrels they pledged last month.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\">The unanimous agreement among IEA member countries came in response to the <a href=\"https:\/\/polscienceweb.com\/index.php\/portfolio\/why-is-the-price-of-oil-rising\/\" target=\"_blank\" rel=\"noreferrer noopener\">significant strains in oil markets <\/a>resulting from Russia&#8217;s invasion of Ukraine.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\">According to the organization, the coordinated drawdown is the <strong>fourth in the IEA&#8217;s history<\/strong>, with previous collective actions taken in 2011, 2005, and 1991. In addition, the pledged amount is the <strong>largest release<\/strong> in the IEA&#8217;s history.<\/p>\n\n\n\n<p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\">The IEA&#8217;s 31 member countries in Europe, Asia, and America maintain <strong>1.5 billion barrels<\/strong> of emergency stocks. Around 240 million barrels of emergency oil supplies will be made accessible to the worldwide market over the following six months, equating to over 1 million barrels each day. The strategic releases aim to bring down energy prices, which have dramatically risen since <a href=\"https:\/\/polscienceweb.com\/index.php\/portfolio\/what-you-need-to-know-about-ukraine-russia-conflict\/\" target=\"_blank\" rel=\"noreferrer noopener\">Russia invaded Ukraine<\/a>. The move also indicates member countries&#8217; commitment to shielding the global economy from the social and economic consequences of an oil shock.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Russia&#8217;s significance in the global energy market<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\">Russia is a significant player in the global energy markets. It is o<strong>ne of the world&#8217;s top three crude producers<\/strong>, competing with Saudi Arabia and the United States for first place. Russia is significantly reliant on oil and natural gas income, which accounted for 45 percent of Russia&#8217;s federal budget in 2021.<\/p>\n\n\n\n<p class=\"wp-block-verse\" style=\"font-size: 18px; text-align: justify;\">After only the United States, Russia is also the world&#8217;s second-biggest natural gas producer and has the world&#8217;s largest gas reserves. Russia is the <strong>world&#8217;s largest exporter of natural gas<\/strong>. In 2021, the country generated 762 billion cubic meters of natural gas and exported around 210 billion cubic meters through the pipeline.<\/p>\n\n\n\n<\/details>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center\">Source: <a href=\"https:\/\/www.iea.org\/news\/an-update-to-member-countries-contribution-to-iea-collective-stock-draw-decision-of-april-2022\" target=\"_blank\" rel=\"noreferrer noopener\">IEA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The amount pledged for release is the largest in the IEA&#8217;s history The International Energy&hellip;<\/p>\n","protected":false},"author":1,"featured_media":9028,"comment_status":"closed","ping_status":"closed","template":"","portfolio-category":[428,438,426],"class_list":["post-9025","portfolio","type-portfolio","status-publish","has-post-thumbnail","hentry","portfolio-category-428","portfolio-category-april-2022","portfolio-category-newsfeed"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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