The International Energy Agency agrees to release 60 million barrels of reserve oil.

Agency says it aims to send a message to markets that there will be “no shortfall” as a result of Russia’s invasion of Ukraine.

With oil prices soaring to well above $100 a barrel, the International Energy Agency said Tuesday that member countries had agreed to release 60 million barrels of oil from their emergency reserves.

The agency said the aim was to send “a unified and strong message to global oil markets that there will be no shortfall as a result of Russia’s invasion of Ukraine.”

The decision was made at a meeting of energy ministers chaired by the U.S. energy secretary, Jennifer Granholm.

The energy agency said that the release was the fourth in its history and would provide the equivalent of two million barrels a day, or about 2 percent of global consumption, for 30 days.

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 nearly 8 percent, to $105.71 a barrel.

The meeting was 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.

Barring a breakthrough in peace negotiations between Russia and Ukraine, there was a risk of a large portion of Russian oil exports being crimped as a result of the sanctions, even though Western governments have said that they do not intend to disrupt energy flows, analysts at Goldman Sachs said in a research note. If so, oil prices could go as high as $120 a barrel, the analysts forecast.

So far, loadings of tankers of oil and liquefied natural gas from Russia are proceeding as normal, said Alex Booth, head of research at Kpler, which tracks shipping.

But, he added, a liquefied natural gas tanker coming from a facility partly owned by TotalEnergies in Russia and named for Christophe de Margerie, the French giant’s former chief executive who was killed in a plane crash in Moscow in 2014, had recently changed its destination from Britain to France after London barred Russian-linked ships from British ports.

Potential relief could come from the Organization of the Petroleum Exporting Countries and its allies, which are expected to meet on Wednesday to discuss the oil markets. So far, there is little indication that the group is willing to do more than agree to go ahead with its usual 400,000 barrels a day of additional supply in April.

Saudi Arabia, the co-leader of the group, called OPEC Plus, has been talking with Biden administration officials about the oil markets, but a deal does not yet seem to have been reached. Discussions are likely to be complicated because Russia is the co-leader of OPEC Plus.

And it is uncertain if there will be enough support at the meeting for an increase in production beyond 400,000 barrels a day. The United Arab Emirates, which along with the Saudis would be expected to be a source of additional oil supplies, recently abstained from the U.N. Security Council resolution condemning Russia’s invasion of Ukraine. That decision “underscores the likely unwillingness” of some countries to bolster production at this time, Ms. Croft said.

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