The International Energy Agency (IEA) is proposing an unprecedented release of strategic oil reserves in an effort to curb the sharp rise in energy prices triggered by the war in the Middle East, according to a report by the Wall Street Journal.
The proposal would involve releasing more oil than the 182 million barrels that IEA member states released to global markets in two phases in 2022 following Russia’s invasion of Ukraine.
The financial newspaper cited sources familiar with the discussions.
Emergency meeting in Paris
The idea was raised during an emergency meeting of officials from the 32 member states of the IEA held in Paris on Tuesday.
According to the Wall Street Journal, a decision on the proposal is expected to be taken on Wednesday.
The discussions come as global energy markets remain volatile amid concerns about disruptions to oil supplies linked to the conflict in the Middle East.
G7 leaders to discuss economic impact
Leaders of the Group of Seven (G7) are also expected to hold a video conference on Wednesday to assess the broader economic consequences of the war.
Oil prices briefly rose above 100 dollars per barrel earlier this week as tensions in the region intensified.
Sources: AFP, Reuters, Wall Street Journal