Western Nations, Allies to Release Oil From Reserves


PARIS—Western nations and their allies have agreed to release oil from their reserves, joining the U.S. in trying to tame oil prices that have soared in the wake of Russia’s invasion of Ukraine.

The International Energy Agency—whose members include the U.S., most of Europe, Canada, Mexico, Japan and South Korea—said it would announce the amount of the release early next week. The IEA said its members have 1.5 billion barrels of oil in reserve.

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