IEA vows to ensure global energy security

LONDON - The International Energy Agency has pledged to protect global energy security, the Paris-based watchdog said, after convening a meeting to discuss Russia's invasion of Ukraine."Today I convened a meeting to bring together representatives of the IEA’s 31 member countries," IEA executive director Fatih Birol said in a statement on Friday."We reviewed how the Russian invasion has increased concerns among oil market participants against the backdrop of already tight global markets and heightened price volatility.""We discussed options the IEA could take over the coming days and weeks," he added. Citing the risk of a further escalation, Birol said IEA member countries agreed to continue to act in solidarity to ensure global energy security.US president Joe Biden said on Thursday the United States is working with other countries on a combined release of additional oil from global strategic crude reserves after international oil prices topped US$105.STOCKPILES"This is to ensure all are on the same page on current market conditions" a US source with knowledge of the talks told Reuters, adding that the IEA gathering was separate from talks about coordinated drawdowns of strategic oil reserves.Such a plan would be in addition to a coordinated release of oil stockpiles organised by Washington last November, under which the United States released about 50 million barrels of oil from its Strategic Petroleum Reserve through sales and exchanges.On Saturday, a statement from the French environment and industrial transition ministry said European energy ministers will hold an emergency meeting today, after a surge in prices for oil and gas following Russia's invasion of Ukraine.The meeting will be held in Brussels.Also on Saturday, Ukrainian foreign minister Dmytro Kuleba called for a full isolation of Russia, including an embargo on the purchases of Russian crude."I demand the world: fully isolate Russia, expel ambassadors, oil embargo, ruin its economy," Kuleba wrote on Twitter. - Reuters

IEA vows to ensure global energy security

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IEA vows to ensure global energy security

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