The International Energy Agency (IEA) has proposed the largest release of oil reserves in its history, aiming to reduce crude prices that have skyrocketed due to the ongoing conflict between Israel and Iran. The proposal involves releasing 400 million barrels of oil, more than double the agency’s previous largest release of 182 million barrels in 2022.
The plan was discussed at an emergency meeting of energy officials from the IEA’s 32 member countries on Tuesday. Countries are expected to decide on the proposal by Wednesday, but a single country’s objection could delay the plan.
French President Emmanuel Macron will also hold a video conference call with leaders of the Group of Seven advanced economies to discuss ways to ease the energy situation.
Source: https://www.wsj.com/business/energy-oil/iea-proposes-largest-ever-oil-release-from-strategic-reserves-275f4e5c