IEA Proposes Record Oil Release Amid Crude Price Surge

The International Energy Agency (IEA) is proposing its largest ever release of oil reserves to combat soaring crude prices caused by the US-Israel war with Iran, according to a report from the Wall Street Journal.

The proposed release would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, WSJ said.

The IEA is holding an extraordinary meeting with its member states on Tuesday to discuss the proposal, and a decision is expected on Wednesday. If no country objects, the plan would be adopted.