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International Energy calls for an emergency meeting to discuss a collective withdrawal of oil stocks
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Economy News _ Baghdad
The International Energy Agency called for an emergency ministerial meeting tomorrow, Friday, to discuss the state of the oil market, and to take a decision on the possibility of releasing more barrels of crude oil from the agency's reserves.
A spokeswoman for New Zealand Energy Minister Megan Woods said that the agency's member states will meet to decide on a collective withdrawal from oil stocks, noting that "the size of a possible collective withdrawal has not been decided and the meeting will determine a total amount and this will be followed by allocating a quantity to each country."
Oil futures fell more than $ 5 a barrel in early trading on Thursday, due to news that the administration of US President Joe Biden is considering withdrawing about one million barrels per day of oil from strategic reserves over several months in an attempt to calm high crude prices.
And two senior US officials said yesterday, Wednesday, that the administration of President Joe Biden is considering withdrawing one million barrels of oil per day from the Strategic Petroleum Reserve over several months to reduce gasoline prices.
That withdrawal could be added to the 60 million barrels of oil that IEA countries agreed to withdraw earlier in March to stabilize global markets after the Russian invasion of Ukraine.
The International Energy Agency believes that the world can lessen the impact of the oil shortage, caused by Russia's invasion of Ukraine, by restricting the use of cars and accelerating the transformation of vehicular-dominated cities.
"We are going through a major crisis and the oil markets are in an emergency situation, and not only that, but it may get worse than it is today in the next few months," Fatih Birol, Executive Director of the International Energy Agency, said at a press conference two weeks ago.
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