IEA's Historic Oil Release to Tackle Soaring Crude Prices Amid Conflict

The International Energy Agency (IEA) plans to release 400 million barrels of oil, the largest in its history, to curb rising prices due to the U.S.-Israeli conflict with Iran. The move, backed by G7 leaders and major contributors, aims to stabilize global markets by utilizing strategic reserves.

The International Energy Agency (IEA) is set to announce an unprecedented release of 400 million barrels of oil to address escalating crude prices amid the U.S.-Israeli tensions with Iran. This move marks the largest action in IEA's history, aimed at stabilizing the global market.

Ahead of an impending meeting of G7 leaders chaired by France, the agency plans to unveil its strategy. While Germany's Economy Minister Katherina Reiche confirmed her country's participation, major contributors like the U.S. and Japan are expected to lead the effort. Japan has already initiated measures to release its reserves.

French President Emmanuel Macron will preside over the G7 leaders' meeting, where energy ministers have shown support for proactive strategies. Despite no immediate shortages, surging oil prices necessitate coordinated action. However, further discussions are needed to finalize details of the release.

(With inputs from agencies.)