The 31 member countries of the International Energy Agency (IEA) have agreed to release 60 mbl of oil from their emergency reserves to help reduce volatility in global oil markets set off by Russia's invasion of Ukraine. The initial release of 60 mbl accounts for 4% of those stockpiles (1.5 Gbl) and would represent 2 mbl/d for 30 days. The United States will sell 30 mbl of oil from the Strategic Petroleum Reserve.
In addition, the OPEC+ has agreed to adjust upward the monthly overall production by 0.4 mb/d for the month of April 2022, until phasing out the 5.8 mb/d production adjustment. In April 2022, both Saudi Arabia and Russia should produce over 10.4 mb/d; the OPEC-10 production should reach 25.3 mb/d, that of non-OPEC producers 16.4 mb/d, and the OPEC+ production should average 41.7 mb/d. The OPEC+ is unwinding production cuts of 5.8 mb/d, which were imposed in 2020, and it aims to fully phase out cuts by around September 2022, subject to market conditions. Since August 2021, OPEC+ has raised its output target each month by 400,000 bbl/d.