IEA Releases 100 Million Barrels to Curb Fuel Prices

The International Energy Agency (IEA) has announced the release of 100 million barrels of oil and fuel reserves in an effort to cool off surging fuel prices. The decision was made by Group of Seven countries, who have agreed to release diesel and crude oil from emergency reserves.

According to IEA executive director Fatih Birol, oil prices have started to fall after the announcement, with a drop of around $5. 'We took a step today on diesel,' Birol said at a press meeting in Turkey. 'We held a meeting with world leaders and announced that we would start releasing 100 million barrels of oil again.'

Birol emphasized that the distribution of released reserves will be finalized once member states have been consulted, and enough reserves are available to meet demand. 'If necessary, we can release more,' he added.