World governments pledge to release oil reserves

The governments of 26 countries have agreed to release the equivalent of two million barrels of oil per day from strategic reserves to cope with the aftermath of Hurricane Katrina, the International Energy Agency said.

The Paris-based IEA said its member countries ”unanimously support” the measures, which will take effect for an initial period of 30 days. The IEA board said yesterday that it will meet in two weeks to review the situation.