Published 02 March 2022
On 1 March, Minister for Energy and Digital Development Khashayar Farmanbar took part in a digital extraordinary ministerial meeting with International Energy Agency (IEA). The aim of the meeting was to discuss the impact of Russia’s invasion of Ukraine on global oil markets.
IEA energy ministers agreed to send a unified and strong message of solidarity with the people of Ukraine and also discussed the need for joint action to stabilise global oil markets.
The ministers agreed to take collective measures involving voluntary release of oil stocks. The IEA and the EU have extensive oil reserves and are prepared to cover oil supply disruptions. Sweden and several other countries also highlighted the need to accelerate the transition to clean energy and the phasing out of fossil fuels to reduce the need for imports of fossil fuels from Russia.
