IEA vows to ensure global energy security in wake of Ukraine invasion

Railcars holding crude oil

The International Energy Agency vowed to protect global energy security, the Paris-based watchdog said in a statement after convening a meeting on Friday of its 31 member countries to discuss Russia’s invasion of Ukraine.

“We reviewed how the Russian invasion has increased concerns among oil market participants against the backdrop of already tight global markets and heightened price volatility,” executive director Fatih Birol was quoted as saying.

Citing the risk of a further escalation, IEA member countries agreed “to continue to act in solidarity to ensure global energy security.”

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