Today’s announcement is another example of partners around the world condemning Russia’s unprovoked and unjustified invasion of Ukraine and working together to address the impact of President Putin’s war of choice. President Biden was clear from the beginning that all tools are on the table to protect American businesses and consumers, including from rising prices at the pump.
After intensive around-the-clock coordination and consultation by President Biden, the Administration and our Allies and partners, the International Energy Agency (IEA) Member countries, supported by the European Commission, agreed to a collective release of an initial 60 million barrels of crude oil from our strategic petroleum reserves. As part of this agreement, President Biden will authorize the Department of Energy to release 30 million barrels from the U.S. Strategic Petroleum Reserve.
IEA Member countries also agreed to continue monitoring markets and consider further releases as necessary. We are prepared to use every tool available to us to limit disruption to global energy supply as a result of President Putin’s actions. We will also continue our efforts to accelerate diversification of energy supplies away from Russia and to secure the world from Moscow’s weaponization of oil and gas.