The International Energy Agency has proposed the largest release of oil reserves in its history to bring down crude prices that have soared during the U.S.-Israel war with Iran, the Wall Street Journal reported Tuesday.
The proposed release of 400 million barrels would more than double the agency’s previous record, set in 2022 when IEA member countries released 182 million barrels after Russia’s full-scale invasion of Ukraine, according to the Journal. The proposal was circulated at an emergency meeting of energy officials from the IEA’s 32 member countries on Tuesday.
Countries are expected to decide on the proposal Wednesday. The measure…
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