The International Energy Agency (IEA) has proposed the largest oil reserve release in its history to help curb soaring crude prices caused by the U.S.-Israel conflict with Iran, the Wall Street Journal reported.
The planned release would surpass the 182 million barrels previously deployed across two emergency releases in 2022, when Russia’s invasion of Ukraine disrupted global oil markets. The extraordinary measure is aimed at increasing supply and stabilizing prices amid heightened geopolitical risk.
The IEA convened an extraordinary meeting of its member states to consider the proposal, with a decision expected shortly. The plan would proceed if no member objects, though even a single country’s protest could delay implementation, according to the Wall Street Journal.
Markets reacted immediately to the report. U.S. crude and Brent futures fell following the news, after prices surged to nearly four-year highs the previous day. Benchmark crude losses coincided with comments from U.S. President Donald Trump suggesting the Middle East conflict could end soon.
G7 energy ministers have not yet agreed to release strategic reserves collectively, requesting the IEA conduct further assessments before taking action. Analysts note that such a large-scale reserve release could materially affect global oil supply and prices if implemented.
The move underscores growing concern among energy policymakers over the stability of international oil markets during geopolitical crises, particularly in regions critical to global energy supply.
