International Energy Agency Executive Director Fatih Birol said on Friday that oil prices had begun to fall after the participating parties announced they would resume releasing 100 million barrels of oil and fuel from reserves, as part of a move aimed at addressing pressure in energy markets.
Response to developments in the energy market
Birol said at a news conference in Istanbul that the decision followed a meeting with global leaders, noting that the move includes diesel as part of the response to market developments.
Today, we took action on diesel
Birol added that the participating parties had announced they would resume releasing 100 million barrels of oil and fuel from reserves, stressing that the decision’s impact had begun to be felt in the markets and that prices started to fall after the announcement.
Hopes of easing economic pressure
Birol expressed hope that the decision would benefit the global economy and Turkey.
Birol made the remarks during a news conference titled “Financing the Transition: Turkey on the Road to COP31,” hosted in Istanbul by Alpaslan Çakar, chairman of the Banks Association of Turkey.
