International Energy Agency Member Countries Take Unprecedented Action to Address Continued Market and Supply Disruptions Caused by Russia’s Unprovoked Further Invasion of Ukraine
WASHINGTON, D.C. — U.S. Secretary of Energy Jennifer M. Granholm today released this statement following the International Energy Agency (IEA) member countries’ announcement of a historic collective oil release in response to Russia’s further invasion of Ukraine:
“The United States is proud to join the 30 other Member Countries of the International Energy Agency (IEA) to once again unite in response to Valdimir Putin’s war of choice. The contribution of nearly 60 million barrels in today’s announcement from other countries with President Biden’s previous announcement of 1 million barrels per day for six months, will release a combined amount of 240 million barrels.
“This action is the result of sustained diplomacy by the United States and our allies and partners and represents both the largest release from the United States and the largest release from other countries in IEA history.
“Today, India released a statement stating that it is examining what it can do to support these actions. Other countries have also made announcements consistent with the IEA release to increase supply to support consumers. At the recent IEA ministerial meeting chaired by the United States, Canada and Brazil announced an increase in their oil production by up to 200,000 barrels and 300,000 barrels per day, respectively, by the end of 2022.
“This historic commitment is a wartime bridge that will support American consumers and the global economy as we move full speed ahead on the necessary investments in clean energy that will reduce domestic and international dependence on Russian oil and gas.
“Across the globe, clean energy technologies are available and cost-effective today. Increasing clean energy is the surest path toward a world where energy supply cannot be used as a means of political coercion or a threat to national security, and where families and businesses are protected from volatile energy prices and markets.
“We will continue to support ambitious international clean energy goals and near-term action, including strong domestic climate action, and the pursuit of a global net-zero emissions economy by 2050.”