IEA Proposes Tapping Oil Reserves to Stabilize Market

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The International Energy Agency (IEA) is proposing to tap into strategic oil reserves in order to stabilize the market amid the Iranian conflict that has affected the entire Middle Eastern region, The Wall Street Journal reports, citing sources.

Specifically, the IEA is proposing to release the largest-ever volume of oil reserves, exceeding the 182 million barrels it released in 2022.

The proposal will be discussed on March 11 at an extraordinary meeting of participants. For the decision to be made, approval from representatives of all 32 member countries is required.