Members of the International Energy Agency have unanimously agree to release 400 million barrels of oil reserves to help combat steep oil prices arising from the conflict in the Middle East.
It equates to about four-days' worth and is the largest ever release of reserves in the agency's history.
The US is releasing 172 million barrels from their Strategic Petroleum Reserve, beginning next week.
US Correspondent Richard Arnold told Mike Hosking the move will result in a 40% decrease in the US’ oil backstop.
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