IEA's Historic Oil Release Amid Middle East Conflict

The International Energy Agency proposes releasing 400 million barrels of oil, its largest in history, to counteract high crude prices during the ongoing U.S.-Israel conflict with Iran. This proposal exceeds the 2022 release of 182 million barrels during Russia's invasion of Ukraine and precedes a G7 meeting.

The International Energy Agency (IEA) has proposed the release of 400 million barrels of oil, marking the largest deployment of oil reserves in the agency's history. This unprecedented move aims to mitigate soaring crude prices amid escalating tensions resulting from the ongoing U.S.-Israel conflict with Iran.

This proposed release would eclipse the 182 million barrels of oil distributed by IEA member nations in 2022, following Russia's full-scale invasion of Ukraine. The initiative underscores the agency's proactive measures to stabilize global oil markets during geopolitical upheavals.

The announcement of this strategic reserve release comes ahead of the 1400 GMT meeting of G7 leaders, which is chaired by France. The meeting is expected to address the pressing issue of energy security in the wake of recent international conflicts.

(With inputs from agencies.)