The International Energy Agency (IEA) is releasing 60 million barrels of oil to counter rising prices.

28 IEA member countries will make 2 million barrels of oil a day available over the next month, with the UK contributing three million barrels to the pot.

Announcing the decision, IEA’s Executive Director Nobuo Tanaka said it was only the third time that IEA members had acted together in such a way.

Mr. Tanaka said: “This decisive action demonstrates the IEA’s strong commitment to well-supplied markets and to ensuring a soft landing for world energy markets.”

Chris Huhne, UK Secretary for Energy and Climate Change said: “This coordinated global action shows that both producer and consumer nations around the world are taking decisive steps to ensure enough oil is available.”

He added that he welcomed the Saudi Energy Minister’s statement earlier this month that Saudi Arabia and other Gulf countries will increase oil production to supply whatever the market needs.