(VOVWORLD) - The International Energy Agency (IEA) has proposed the largest release of oil reserves in its history to restrain soaring crude prices amid the Middle East conflict, the Wall Street Journal said Tuesday, citing officials familiar with the matter.
The release would exceed the 182 million barrels of oil that IEA member nations put on the market in two releases in 2022 when Russia launched its operation in Ukraine, the newspaper said.
The proposal was made during an emergency meeting on Tuesday between the 32 IEA members and the G7. A decision is expected to be announced Wednesday.
The IEA has 1.2 billion barrels of oil reserves, and 600 million barrels managed by companies under government directives.
Oil prices surged nearly 30% on Monday, briefly approaching 120 USD per barrel, after the closure of the Strait of Hormuz and attacks on several energy facilities in the region, including major refineries in the UAE and installations belonging to Saudi Aramco in Saudi Arabia.
Prices later eased somewhat after President Donald Trump said the conflict with Iran would soon end, and several countries signaled they are considering releasing oil from their national reserves to stabilize global markets. Meanwhile, Iran warned it will not allow a single liter of oil to be exported from the Gulf.