The IEA proposed to release its largest-ever oil reserves to curb soaring crude oil prices

According to the WSJ, informed sources say that the International Energy Agency (IEA) has proposed to release its largest-ever oil reserves to lower the soaring crude oil prices due to the war between the U.S. and Israel and Iran. Officials stated that the amount of oil released will exceed the 182 million barrels that IEA member countries released in two rounds during the Russia-Ukraine conflict in 2022.

The proposal was discussed on Tuesday at an emergency meeting of energy officials from the 32 IEA member countries. Countries are expected to make a decision on the proposal on Wednesday. If there are no objections, the proposal will be approved; however, even if just one country raises an objection, it will delay the implementation of the plan.

According to Gate's market data, WTI crude oil is currently priced at $82.57 per barrel, down 4.58% for the day.