IEA proposes largest ever oil release from strategic reserves

NEW YORK: The International Energy Agency has proposed the largest release of oil reserves in its history to bring down crude prices that have soared due to the US-Israel war with Iran, the Wall Street Journal reported on Tuesday, citing officials familiar with the matter.

The release would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, the WSJ added.

Reuters could not immediately verify the report.