All member countries of the International Energy Agency have agreed to release 60 million barrels of oil from their strategic reserves “to send a strong message to oil markets” that there will be “no shortfall in supplies” after Russia invaded Ukraine, the group said Tuesday, Reuters reported.

The IEA Council made the decision at an extraordinary meeting of energy ministers chaired by US Secretary of Energy Jennifer Granholm. In addition to the United States, other members include Germany, France, Britain, Japan and Canada.

IEA members hold a reserve of 1.5 billion barrels of oil. The release is 4% of reserves, or about 2 million barrels a day for 30 days.

“The situation in energy markets is very serious and demands our full attention,” IEA executive director Fatih Birol said. “Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery.”

Russia plays a huge role in world energy markets as the third-largest oil producer. Its exports amount to 5 million barrels of crude oil per day, about 12% of the global oil trade. About 60% goes to Europe and another 20% to China.

The decision came amid a surge in oil prices on Tuesday when US benchmark crude topped $100 a barrel, the highest price since 2014. The conflict in Ukraine has shaken markets around the world and heightened fears about economic growth amid rising inflation and central bank plans to raise interest rates.

This is only the fourth time in history that the IEA has made a coordinated inventory cut since reserves were set up in 1974 following the Arab oil embargo.

In November, US President Joe Biden announced a coordinated release of 50 million barrels of oil in cooperation with other energy-importing countries, but the measure had only a fleeting effect on oil prices, which continue to rise.