Australia will join 31 members of the International Energy Agency (IEA) to release 60 million barrels of oil from emergency reserves to stabilise global energy markets. Angus Taylor, the minister for industry and energy, said the global oil market was “showing signs of uncertainty” amidst the ongoing Russian invasion of Ukraine. “We are continuing to work constructively with our partners to build confidence in the market and help stabilise prices,” he said in a statement. “Australia will contribute to the collective action and release stocks held on our behalf in the US Strategic Petroleum Reserve,” he added. “This significant action—one of four ever taken by the IEA—will increase supplies to the market, helping to put downward pressure on prices both globally and here at home.” Previous collective actions were taken in 1991, 2005, and 2011. Currently, the IEA holds 1.5 billion barrels, and the release of the stock is expected …