More SPR taps needed amid Ukraine 'emergency': Hess

Governments have done too little to soften the impact of Russia's invasion of Ukraine on global oil and gas markets, according to Hess chief executive John Hess.

"There is no cushion in the system as we get more interruptions from Russia," Hess said at CERAWeek by S&PGlobal today. "This is an emergency."

The US earlier this month led a coalition of governments in committing to a joint release of 60mn bl of crude from strategic reserves in the aftermath of Russia's incursion into Ukraine on 24 February. Hess told conference attendees that the joint release was too small to stop prices from continuing to rise.

"I think it's time that the IEA and the US should release 120mn bl out of the world's strategic reserves and commit to doing another 120mn bl next month and say more is coming if needed," Hess said.

By Dylan Chase