IEA Says Monitoring Russian Statements ‘With Growing Concern’

(Bloomberg) -- The International Energy Agency said it’s monitoring Russia’s statements on Ukraine “with growing concern” and is consulting with member countries and key partners on measures to ensure energy security.

While the impact of developments in Ukraine on world oil markets isn’t yet known, IEA member countries “stand ready to act collectively to ensure that global oil markets are adequately supplied,” the Paris-based organization said Tuesday in a statement. The roughly 250,000 barrels a day of Russian oil exports through Ukraine to supply Hungary, Slovakia and the Czech Republic are at the most immediate risk, IEA said.

Oil stocks in IEA member countries totaled almost 4.16 billion barrels at the end of December, with 1.5 billion held by governments as emergency reserves.

Crude prices soared on Tuesday after Russian President Vladimir Putin signed an order to send what he called “peacekeeping forces” to two breakaway areas of Ukraine. President Joe Biden said the U.S. will impose a first wave of sanctions on Russia and is shifting American forces already based in Europe. Moscow has repeatedly denied that it plans to invade its smaller neighbor.

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