The IEA board makes the decision at an extraordinary meeting of energy ministers chaired by US Energy Secretary Jennifer Granholm
...Former Dem governess of Michigan, Energy Secretary under the Biden administration. She'll likely consider that enough to qualify her for a presidential bid come next election.... Besides the United States, other members of the organization include Germany, La Belle France, the United Kingdom, Japan and Canada.
IEA members hold emergency stockpiles of 1.5 billion barrels of oil. The release amounts to 4% of stockpiles, or roughly 2 million barrels per day for 30 days.
"The situation in energy markets is very serious and demands our full attention," IEA executive director Fatih Birol says. "Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery."