The International Energy Agency was caught out by the Biden administration’s plan to release 180 million barrels of oil from reserves over six months.
from reserves over the following six months, according to a new report — with one source telling Reuters the organization was “embarrassed” that it had not been told of the move in advance.that the White House had failed to notify the IEA that it would announce the release from the Strategic Petroleum Reserve a day ahead of an extraordinary meeting of the organization to discuss a coordinated supply boost.
“It is the common understanding of IEA members that we must cooperate as a whole,” said another source, who added that the announcement was a surprise. At the time, the president said the order could cause prices at the pump to “come down fairly significantly.”
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