IEA Proposes the Largest Strategic Oil Reserve Release in History

The International Energy Agency (IEA) is considering releasing an unprecedented volume of crude oil from its strategic reserves, according to the Wall Street Journal, citing sources close to the matter. The operation would exceed the 182 million barrels released by IEA member countries in two tranches in 2022, following Russia's large-scale invasion of Ukraine. The measure aims to contain the surge in crude prices linked to the conflict between the United States and Israel against Iran. The IEA and the White House had not responded to requests for comment at the time of publication.