Logo ofThe International Energy Agency (IEA)
The International Energy Agency (IEA) has proposed the largest release of oil reserves in its history to bring down crude prices that have soared during the US-Israel war with Iran, according to Bloomberg, citing officials familiar with the matter said. 
The release of 400 million barrels of oil would more than double the agency’s biggest prior release, when IEA member countries in 2022 put 182 million barrels on the market after Russia launched its full-scale invasion of Ukraine, the officials said.
Countries are expected to decide on the proposal Wednesday. It would be adopted if no one objects, but even one country’s protests could delay the plan, officials said, with the aim of coordinating international efforts to alleviate inflationary pressures.
French Finance Minister Roland Lescure confirmed that all options are on the table to ensure market stability.
Logo ofThe International Energy Agency (IEA)
The International Energy Agency (IEA) has proposed the largest release of oil reserves in its history to bring down crude prices that have soared during the US-Israel war with Iran, according to Bloomberg, citing officials familiar with the matter said.
The release of 400 million barrels of oil would more than double the agency’s biggest prior release, when IEA member countries in 2022 put 182 million barrels on the market after Russia launched its full-scale invasion of Ukraine, the officials said.
Countries are expected to decide on the proposal Wednesday. It would be adopted if no one objects, but even one country’s protests could delay the plan, officials said, with the aim of coordinating international efforts to alleviate inflationary pressures.
French Finance Minister Roland Lescure confirmed that all options are on the table to ensure market stability.
