The International Energy Agency (IEA) will release 60 million barrels of oil from its member nations into the global marketplace in an effort to cool down prices after the Russian invasion of Ukraine, following which, prices have risen and remain reluctant to lower. “The @IEA is moving ahead with a collective oil stock release of 120 million barrels (including 60 million barrels contributed by the US as part of its overall draw from its Strategic Petroleum Reserve),” Fatih Birol, executive director of IEA, said in a tweet on Wednesday. The move by the international agency follows the Biden administration’s announcement last week to release 1 million barrels on average into the market every day for the next six months, which comes to almost 180 million barrels. “This record release will provide a historic amount of supply to serve as [a] bridge until the end of the year when domestic production …