The US and other member states of the International Energy Agency (IEA) on Tuesday agreed to release 60 million barrels of oil reserves to atone for supply disruptions following Russia's invasion of Ukraine.

Russian oil trade is in disarray after many nations imposed sanctions on Russian companies, banks, and individuals. Oil trade is exempt from sanctions but buyers are shunning Russian oil to avoid unwittingly violating sanctions.

The precise share of member countries within the release are going to be determined in coming days, Japanese industry minister Koichi Hagiuda said, while some IEA members agreed to produce petrochemical products to Ukraine.

Further disruption of exports from Russia could send prices even higher. Russia, which calls its actions in Ukraine a "special operation," is one among the world's top oil producers, exporting around 4-5 million barrels per day (bpd) of crude. Russia also exports 2 to three million bpd of fuel.

IEA decision maker Fatih Birol said this situation in energy markets is "very serious and demands our full attention.”