The International Energy Agency (IEA) is considering releasing a record amount of strategic oil reserves to curb rising prices caused by the war in the Middle East, reports the Wall Street Journal.
Source: “Espreso”
The issue was discussed during an emergency meeting of energy ministry representatives from the 32 IEA member countries on March 10. A vote on the use of reserves is expected on March 11, with unanimous support from all agency members required to make a decision.
This could involve releasing more than 182 million barrels of oil—more than was used in 2022 following the start of Russia’s full-scale invasion of Ukraine. According to sources, this is intended to help stabilize global prices, which have risen by approximately 40% since the start of the U.S. and Israel military operation against Iran.
IEA Executive Director Fatih Birol noted that member countries hold about 1.2 billion barrels in government strategic reserves and another roughly 600 million barrels in commercial storage facilities, allowing for approximately 124 days without oil supply from the Persian Gulf region.