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International Energy Agency Reflects on Market Intervention

The International Energy Agency says representatives from 31 member countries meet Friday to discuss the impact of the Russian invasion of Ukraine on the global energy market.

The agency’s mandate includes intervening in energy markets during emergencies, when oil supplies are severely disrupted, and the announcement appears to be a signal that they are prepared to act. Such a move would likely take the form of releasing large amounts of oil inventories in an attempt to appease the market.

The group’s chief executive officer, Fatih Birol, said in a statement: “The Russian invasion has heightened the concerns of oil market participants amid already tight global markets. and prices fluctuate wildly.

The invasion pushed the price of Brent crude, the international benchmark, to around $105 a barrel on Thursday. Brent oil prices subsequently fell below $100 a barrel as news that Western sanctions would not directly target Russia’s energy activities eased concerns about supply disruptions. Natural gas prices in Europe also fell back after surging on Thursday but remained at historic highs.

Mr. Birol also said that the group also discussed how any disruption to Russia’s natural gas supplies through Ukraine could put pressure on Europe, where gas prices are already high, and They will “continue to closely monitor developments”.

This group, based in Paris, is made up of energy-intensive countries, in which the United States plays a strong role. The agency has held issuance three times in three decades in the oil but not gas markets.

https://www.nytimes.com/2022/02/25/business/russia-ukraine-energy.html International Energy Agency Reflects on Market Intervention

Fry Electronics Team

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