IEA to release 120 million barrels of oil to ease prices – Bloomberg

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FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport

(Reuters) – The International Energy Agency (IEA) will release 120 million barrels of oil to ease prices, half of which would come from the United States, while other IEA members would provide the rest, a Bloomberg reporter said on Twitter.

The U.S. contribution would be a part of the 180 million barrels that President Joe Biden has already announced, the reporter said, citing unidentified sources.

(Reporting by Ismail Shakil in Bengaluru; Editing by Doina Chiacu)