International Energy Agency To Draw Up Plan To Cut Oil Usage As Prices Surge: Reuters - United States Oil Fund (ARCA:USO), SPDR Select Sector Fund - Energy Select Sector (ARCA:XLE)

The International Energy Agency (IEA) head says they could plan to release more oil from stocks to ease surging fuel prices and would draw up an action plan to reduce oil usage swiftly, reported Reuters.
After Russia invaded Ukraine, oil prices spiked higher, and the West toughened sanctions on Moscow, stirring fears of supply disruptions to an already tight market.
"Next week, as we did for gas, we are coming up with a 10-point action plan how to reduce oil in a hurry," Fatih Birol, Executive Director of the International Energy Agency, told an energy conference in Paris.
On Tuesday, the United States imposed an immediate ban on Russian oil and other energy imports.
Last week, the IEA members agreed to release 60 million barrels of oil reserves to compensate for supply disruptions.
Birol states the 60 million barrels as "an initial response," adding: "It is only 4% of our stocks. If there's a need, if our governments decide so, we can bring more oil to the markets, as one part of the response."
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