• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

IEA holds emergency meeting to tackle soaring oil prices

3 years ago
in Business, Editor's pick, Energy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
110
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

IEA holds emergency meeting to tackle soaring oil prices

The International Energy Agency (IEA) will hold an emergency meeting on Friday among consuming nations to discuss a new release of strategic reserves alongside a plan by the United States to pump massive supplies starting in May to cool soaring oil prices.

Major consumers are seeking ways to ease the impact of global oil prices, which have soared more than 30% this year, on their economies after top producers group OPEC+ stuck to plans to add a modest 432,000 barrels per day of supply in May.

Western sanctions on Russia after their invasion of Ukraine are expected to see a loss of about three million barrels per day (bpd) of Russian oil in April, according to the IEA. Moscow calls its activity in Ukraine a “special operation” to disarm its western neighbour.

To fill the shortfall, President Joe Biden on Thursday authorized the largest release ever from the U.S. Strategic Petroleum Reserves, a release of 1 million bpd of crude for six months starting in May.

The U.S. announcement comes a day before IEA member countries are set to meet at 1200 GMT on Friday to discuss a further emergency oil release that would follow their 1 March agreement to release about 60 million barrels.

Several members in the Asia Pacific have said they would support the IEA’s initiatives.

RelatedPosts

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

Read: Europe’s job retention schemes contained unemployment, but challenges remain

Japan will act appropriately on oil reserves release while closely watching global developments, the industry minister said on Friday.

“It is not clear whether the release will be done by the U.S. alone or the United States will make a proposal at the IEA meeting,” Japanese industry minister Koichi Hagiuda told a news conference.

“In any case, we would like to act appropriately while keeping an eye on the international situation,” he said.

South Korea’s Ministry of Trade, Industry and Energy said in a statement last week that it plans to support additional international cooperation in oil and gas and has already committed to releasing 4.42 million barrels in the March 1 agreement.

New Zealand has reserves available for release if called upon, a spokesperson for Energy Minister Megan Woods said in an email.

New Zealand has already released 369,000 barrels of oil as part of the IEA collective release agreed on 1 March, she added.

Australia has committed to release the full 1.7 million barrels it holds in its emergency stockpile in the U.S. strategic reserves in the March agreement.

India, an associate IEA member, is committed to supporting initiatives for reserve releases, for mitigating market volatility and calming the rise in crude oil prices, junior finance minister Pankaj Chaudhury told lawmakers this week.

Source: reuters
Via: norvanreports
Tags: International Energy Agency (IEA)soaring oil pricesU.S. Strategic Petroleum Reserves
No Result
View All Result

Highlights

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

President Mahama Secures Infrastructure, Technology, and Agriculture Deals on Japan Visit

Mida Pledges Alignment With US Strategic Shift On Millennium Challenge Corporation

Standard Chartered Empowers Future Leaders Through Financial Literacy and Mentorship

Nigeria Exiting Years of Economic Doldrum But Hard Road Ahead Still

Trending

Features

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

August 25, 2025

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers As anticipation builds for the...

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

August 25, 2025

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

August 25, 2025

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

August 25, 2025

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

August 25, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.