The International Energy Agency (IEA) proposed its largest-ever release of crude oil from strategic reserves to stabilize global markets. This volume would surpass the 182 million barrels released in 2022 following the invasion of Ukraine.
Energy officials from 32 member countries discussed the plan during an emergency meeting. Member states expect to reach a formal decision this Wednesday. G7 energy ministers expressed support in principle for the intervention.
The proposal follows oil prices briefly exceeding $100 per barrel due to supply fears in the Strait of Hormuz. West Texas Intermediate prices retreated following the announcement.
Goldman Sachs analysts estimate the release could offset 12 days of disrupted Gulf exports.