The West is tapping more of its emergency oil reserves to help wean itself off Russian crude.
The International Energy Agency announced Wednesday it would supply the oil market with 60 million additional barrels of crude from its emergency stockpiles. The Paris-based IEA, which monitors energy supplies for the world's leading developed economies, said details would be forthcoming. The news was enough to send oil prices down more than 5%. US oil tumbled to $96 a barrel, and Brent crude, the global benchmark, fell to $101 a barrel.
Instead, they said they would work toward a deadline of 2027 for ending the bloc's dependence on Russian energy.Doubling downThe IEA first announced Friday that it would release additional oil from its emergency reserves, but it didn't say how much it would add to the market. The latest steps mark just the fifth time in the agency's history that it has coordinated a release of emergency stockpiles.
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