IEA's Birol says oil prices starting to fall after reserve release decision
USO•IEA Executive Director Fatih Birol said oil prices had started to fall after a decision to release 100 million barrels of crude oil and fuel reserves. He said prices had dropped around $5 after the announcement.
1. Reserve release decision
Group of Seven countries agreed to release 100 million barrels of diesel and crude oil from emergency reserves. Birol said world leaders tasked the IEA with coordinating oil supply.
2. Distribution plans
The IEA will finalize distribution after consulting member states, Birol said, adding that it has enough reserves to release more if necessary.
