A Statement from the Executive Director

Implications of Russia’s invasion of Ukraine on global energy markets

Today I convened a meeting to bring together representatives of the IEA’s 31 Member Countries to share perspectives on Russia's invasion of Ukraine, and to discuss the impacts on global energy markets and how IEA Member Countries can continue to play a stabilizing role.

Our first thoughts go to the people of Ukraine. We expressed great concern over the destruction and loss of life – and hope that peace will be restored soon. We reviewed how the Russian invasion has increased concerns among oil market participants against the backdrop of already tight global markets and heightened price volatility. We discussed options the IEA could take over the coming days and weeks. Similarly, we discussed the situation in natural gas markets and how any disruption to Russian supplies via Ukraine would put further pressure on Europe, with flow on effects to the rest of the world.

Given these initial impacts on energy markets, and the risks that they may escalate, we discussed the possibility of holding an extraordinary IEA Governing Board meeting at the Ministerial level, and agreed to continue to closely monitor the evolving situation, to consult closely over the coming days, and to continue to act in solidarity to ensure global energy security.