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Ukraine war

IEA countries to tap 60m barrels of oil on top of 180m by U.S.

Rare move by 31 nations aims to cool prices after Russia's invasion of Ukraine

Crude oil pipes at the Bryan Mound site in Texas. The White House announced on March 31 that President Joe Biden had ordered the release of 1 million barrels of oil per day from the strategic petroleum reserve for the next six months. (Department of Energy via AP)

WASHINGTON (Reuters) -- International Energy Agency states agreed to tap 60 million barrels of oil from storage, the director of the group said on Wednesday, on top of a 180-million-barrel release announced by Washington last week aimed at cooling prices after Russia's invasion of Ukraine.

The move by the U.S.-allied IEA countries, which represent 31 mostly industrialized countries but not Russia, would be their second coordinated release in a month and would be the fifth in the agency's history to confront oil market outages.

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