Analysts say that the International Energy Agency, which is organizing the meeting, could be preparing a global release of oil reserves designed to cool down markets.
With oil prices spiking to well above $100 a barrel, the U.S. energy secretary, Jennifer Granholm, on Tuesday will lead a meeting of energy officials from around the globe on the impact of Russia’s invasion of Ukraine on energy supplies. Fatih Birol, the executive director of the International Energy Agency, which is organizing the teleconference, said the group would consider how it “can play a role in stabilizing energy markets.” Analysts say that the energy agency could be preparing a global release of members’ oil reserves designed to cool down markets alarmed by the shock waves from Russia’s military action. Oil prices have been turbulent since they hit a seven-year high of $105 a barrel last week after the Russian attack started. On Tuesday, Brent crude was up more than 6 percent, to $104 a barrel. The meeting is being called amid concerns that sanctions imposed on Moscow by Western nations could result in reduced flows of energy from Russia, which supplies one in 10 barrels of oil globally as well as around one-third of the European Union’s natural gas.
