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The International Energy Agency's decision to release 61.7 million barrels of oil stock, the largest such move in history, has failed to calm the market volatility, according to the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.
The comments came during the meeting of the group on Thursday, March 31.
OPEC+ has warned the global economy would see a major blow from a prolonged conflict in Ukraine, the oil producing group said in an internal report, seen by Reuters.
“Consumer and business sentiment is expected to decline not only in Europe, but also in the rest of the world, when only accounting for the inflationary impact the conflict has already caused,” it said.