United actions of the US-led coalition aimed at stabilizing oil prices in the global market have brought some results. Oil is rapidly falling, which seems much more like a trend. The news about the release of the oil reserves may also hit the asset.
Members of the International Energy Agency proposed their own way to solve the issue of high prices. According to the head of the International Energy Agency, Fatih Birol, oil prices will fall amid a release of oil storage facilities, including strategic reserves. The US has already resorted to such measures. “If our member countries believe that as a result of the supply disruption there is a need to make a stock release, I am sure (they) will consider (it) and it is not off the table,” Fatih Birol said.
Although in June, global oil reserves contracted by 5 million barrels, resources of the members of the Organization for Economic Co-operation and Development (OECD) surged by 6.2 million barrels to 2.6 billion barrels. Analysts at the International Energy Agency are sure that the application of reserves will not affect the energy security of most countries. In the spring, the authorities decided to use their oil from strategic reserves to lower oil prices in the global market.
