IEA's Historic Oil Reserve Release Plan Amid Middle East Tensions

The International Energy Agency is considering its largest ever oil reserve release to counteract rising crude prices amid U.S.-Israel-Iran tensions. The plan exceeds previous records and depends on member consensus. G7 nations support the initiative in principle, acknowledging the need for strategic measures against soaring oil prices.

The International Energy Agency (IEA) is set to propose the largest oil reserve release in its history, aiming to curb skyrocketing crude prices driven by the U.S.-Israel conflict involving Iran, according to a report by the Wall Street Journal.

The move would significantly surpass the combined 182 million barrels of oil released by IEA member countries in 2022 amid Russia's invasion of Ukraine. The IEA convened an extraordinary meeting, with member nations expected to decide on the proposal shortly.

While G7 energy ministers showed support for utilizing strategic reserves, concrete decisions on volume and allocations remain pending further discussions. South Korea is actively participating in the talks. The IEA may also engage with non-member states like China and India to stabilize the market.

(With inputs from agencies.)