The International Energy Agency (IEA) announced on Tuesday that that member countries have agreed to release 60 million barrels of oil from emergency reserves to temper the rise of oil prices.

The 31 member countries agreed to the release during an extraordinary meeting of the agency’s governing board on Tuesday.

The IEA said the release is to "send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine".