30 Countries to Increase Oil Supply on the Global Market: Biden

On Friday, U.S. President Joe Biden announced that 30 countries will join his country to put "tens of millions" of oil barrels on the market to curb the rise in prices caused by the Ukrainian conflict.

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Although he did not specify which nations have reached such an agreement, the White House on Thursday announced that the U.S. was talking with the countries belonging to the International Energy Agency (IEA).

This organization today held an extraordinary meeting to discuss actions to stabilize the international oil market. Its summit comes just one day after Biden ordered the release of a million barrels a day from the U.S. reserve for the next six months.

While the addition of 180 million oil barrels represents an unprecedented action in the United States, its impact could be minimal given that this country would only contribute the equivalent of 1 percent of global demand. Besides Russia has stopped putting on the market about 3 million barrels a day.

In fact, Biden's announcement had a limited effect on the markets, as the price of Texas Intermediate Oil (WTI) only decreased by 1.3 percent at the start of trading on Friday.

Currently, the IEA includes Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Korea, Lithuania, Luxembourg, Mexico, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, The Netherlands, Turkey, United Kingdom, and the United States.

Previously, on March 1, this international organization agreed to release 60 million oil barrels from its members' strategic reserves around the world. At that time, the United States put 30 million barrels of crude oil on the market.