The International Energy Agency (IEA) has released a list of countries that will contribute to the decision to drive 120 million barrels of crude oil and petroleum products from its strategic reserves to contain the rising oil prices after Russia's invasion of Ukraine.
With the decision taken by the members of the IEA, which consists of 31 industrialized countries, excluding Russia, to put oil on the market, which is taken by the members acting together with the USA, oil will be introduced to the market for the second time in a month in a coordinated manner.
The decision has the distinction of being the fifth oiling decision of the IEA to date.
Following the decision of the USA to release the largest amount of oil ever seen from its strategic reserves, taken at the end of March, this decision has made a similar decision to the members of the IEA outside the USA.
Turkey is also on the list
The IEA announced that the amount of oil committed by member countries to be released in six months has reached 120 million barrels.
The USA, which made the biggest contribution by committing to release 60 million barrels, was followed by Japan with 15 million barrels.
Other major contributors to the decision include South Korea, Germany, France, Italy and the UK.
Turkey will contribute to the reserve release decision with three million barrels of oil or petroleum products.
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