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.
LISTEN ABOVE

Mike's Minute: It's still our year
01:44

Steve Price: Australian correspondent on One Nation looking to bring down the number of international students
07:12

Commentary Box: Andrew Saville and Jason Pine discuss the All Blacks' loss and the Warriors' upcoming clash against the Knights
11:27