IEA plans to hold emergency meeting to tackle soaring oil prices

The International Energy Agency will hold an emergency meeting on Friday among consuming nations to discuss a new release of strategic reserves alongside a plan by the United States to pump massive supplies starting in May to cool soaring oil prices.

Major consumers are seeking ways to ease the impact of global oil prices, which have soared more than 30% this year, on their economies after top producers group OPEC+ stuck to plans to add a modest 432,000 barrels per day of supply in May.

Western sanctions on Russia after their invasion of Ukraine are expected to see a loss of about