The International Energy Agency (IEA) could release more oil from stocks to ease surging fuel prices and will draw up an action plan to swiftly reduce oil usage. IEA governing board confirmed that the total amount committed to stands at 62.7 million barrels, making it the largest stock release in IEA history.

IEA member countries unanimously agreed on 1 March to an initial emergency response plan to make 60 million barrels of their emergency oil stocks available to the market;  however, the commitments submitted by the members surpassed 60 million barrels, demonstrating great solidarity.

Recently the benchmark Brent crude hit a 14-year high of $139 a barrel as a result of the US banning oil exports from Russia.

Additionally, IEA chief Fatih Birol has criticized two of OPEC’s heavyweights, including the world’s largest oil exporter Saudi Arabia, for not contributing enough output in the market. OPEC+ including Russia have stuck to their planned output of 400,000 barrels per day of supply each month.

Mr Birol told reporters that next week IEA would come up with 10-point action plan on how to reduce reliance on Russian oil as they did for the gas earlier.

The IEA’s 10-Point plan to reduce the European Union’s reliance on Russian natural gas includes a range of complementary actions that can be taken in the coming months, such as turning more to other suppliers, drawing on other energy sources and accelerating efforts to provide consumers, businesses and industry with the means to use clean and efficient alternatives to natural gas. The proposed measures are fully consistent with the EU’s European Green Deal and its Fit for 55 package, paving the way for further emissions reductions in the years to come.