IEA proposes record strategic oil release of over 182M barrels

The International Energy Agency (IEA) has proposed its largest-ever release of strategic petroleum reserves to combat soaring crude oil prices amid the war between the U.S.-Israel and Iran, The Wall Street Journal reported. Government officials stated that the release would exceed the 182 million barrels that IEA member countries released in two tranches in 2022 during the war in Ukraine. The proposal was discussed at an emergency meeting of energy officials from the 32 IEA member countries on Tuesday, with a final decision expected today.