When have the United States and IEA pulled from oil reserves previously?
NEW YORK, Nov 18 (Reuters) - The United States has asked some of the world's biggest economies to release oil from their strategic reserves, a rare request from Washington https://www.reuters.com/business/energy/exclusive-us-asks-big-countries-coordinate-releases-oil-reserves-sources-2021-11-17 that is meant to help temper rising fuel costs. While the United States and its allies have coordinated oil reserve releases before, this is the first time they have involved China, making it an unprecedented move. Notably, the move does not directly involve the Paris-based International Energy Agency, of which the United States is a member, and China an affiliate. The 30-member IEA was founded in 1974 as an energy watchdog, and one of its major roles has been to help "coordinate a collective response to major disruptions in the supply of oil," it says on its website. However, the IEA's emergency response efforts are not meant to respond to rising prices, it says. There have been three previous emergency releases coordinated by the IEA. Year Amount of oil Reason for release released 2011 60 million barrels, Loss of crude supply with 30 mln coming from disruptions in from the United Libya and other States countries 2005 60 mln bbls, with Supply disruptions from 20.8 mln from the Hurricane Katrina United States 1991 17.3 mln U.S. To minimize market barrels disruptions during Persian Gulf War after Iraq invaded Kuwait (Reporting by Stephanie Kelly Editing by Marguerita Choy)
