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 

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.&nbsp;
It equates to about four-days' worth and is the largest ever release of reserves in the agency's history.&nbsp;
The US is releasing 172 million barrels from their Strategic Petroleum Reserve, beginning next week.&nbsp;
US Correspondent Richard Arnold told Mike Hosking the move will result in a 40% decrease in the US’ oil backstop. &nbsp;
LISTEN ABOVE&nbsp;

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Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion,...

The Mike Hosking Breakfast

Richard Arnold: US Correspondent on the conflict in Iran, release of oil barrels to combat spiking prices

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/18da0eeb-9965-4564-8813-b40b015aabb4/transcript