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(Reuters) – Oil prices have started to fall after a decision to release 100 million barrels of oil and fuel reserves, International Energy Agency executive director Fatih Birol said on Friday.
Group of Seven countries agreed on Friday on the release of 100 million barrels of diesel and crude oil from emergency reserves in a move cheered by US President Donald Trump as he seeks help to cool off surging fuel prices linked to the Iran war.
The conflict sparked the biggest emergency stocks release in history in March coordinated by the International Energy Agency.
“We took a step today on diesel. We held a meeting with world leaders and announced that we would start releasing 100 million barrels of oil again,” Birol said at a press meeting titled “Financing the Transformation: Turkey on the Road to COP31”, hosted by Turkey’s Banks Association Chairman Alpaslan Cakar.
“(Oil) Prices are starting to fall,” Birol said.
“I hope this will be a beneficial step both for the world and for Turkey,” he added.
Birol said that world leaders tasked the IEA with coordinating oil supply.
There has been a drop in oil prices of around $5 after the IEA’s announcement of releasing oil and diesel from its reserves into the market in coming days, Birol said.
“We will finalise distribution once we have consulted with member states, we have enough reserves and can release more if necessary,” he added.
Reporting by Ebru Tuncay Writing by Ece Toksabay and Huseyin Hayatsever Editing by Louise Heavens
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