Alex Lawler and Susan Heavey

WASHINGTON/LONDON – An OPEC+ source, and a senior source in the industry told Reuters that US and allies are considering releasing oil reserves to counter rising prices and worries about supplies following Russia’s invasion Ukraine.

The invasion has caused oil prices to reach their highest levels since 2014. Western allies have placed sanctions on Russia, and have blocked certain Russian banks from accessing a global banking system. These could lead to disruption in Russia’s oil exports.

Fatih birol, International Energy Agency’s chief, stated that Tuesday will see an exceptional ministerial meeting at the International Energy Agency (a Paris-based agency which mostly represents industrialised countries).

According to Birol, the meeting will be presided over by Jennifer Granholm (U.S Energy Secretary), and it will focus on “the effect of Russia’s invasion in Ukraine on oil supplies and how IEA member can play a part in stabilising these energy markets.”

According to a senior source in the industry, it was not clear what amount of stocks would be released.

Source said that “the will be sweet, and the volume are still under discussion.” Europe will release mainly products.”

The Wall Street Journal reported earlier that the countries were contemplating releasing 70 million barrels. Bloomberg however stated they are considering dropping 60 million barrels.

Sources tell the WSJ that IEA members could reach an agreement as soon as Monday to tap their strategic national oil reserves. Birol’s Twitter comment was the only comment that made it clear that the IEA would not comment.