LONDON/WASHINGTON ¨C Top oil consuming nations may find that one of their main tools to fight high global oil prices ¡ª the release of strategic stockpiles ¡ª will prove inadequate to soothe markets starved of Russian supply since its invasion of Ukraine.
The 31-member International Energy Agency (IEA), representing industrialized nations but not Russia, presided over the fourth coordinated oil release in its history on March 1 of over 60 million barrels of crude ¡ª its largest yet.
The United States is considering yet another massive release ¡ª of up to 180 million barrels from the Strategic Petroleum Reserve over months ¡ª to stave off consumer energy inflation, according to sources.
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