Oil prices have begun to fall following a coordinated decision to release 100 million barrels of crude oil and fuel reserves, International Energy Agency (IEA) Executive Director Fatih Birol announced at a press conference in Istanbul. Speaking at an event hosted by the Banks Association of Turkey, Birol stated that crude prices dropped by around $5 immediately following the announcement.
The coordinated drawdown is being executed through the IEA following an agreement among Group of Seven (G7) nations to inject crude and refined fuels—notably diesel—into the market. Birol noted that world leaders formally tasked the agency with coordinating global oil supply interventions.
Under the G7 framework, the 100 million-barrel release will proceed immediately across a four-month period, with a substantial portion of diesel reserves scheduled to enter distribution channels within the first 20 days.
Birol added that the agency will finalise exact country distribution after consultations with member states. He emphasised that the IEA retains significant remaining emergency reserves and can authorise additional releases if market conditions warrant.
Sources
- Gulf Business · 2026-10-02
