IEA proposes record release of strategic stocks in response to Iran war oil price surge
CNA
The International Energy Agency has recommended the release of 400 million barrels of oil.
PARIS: The International Energy Agency (IEA) on Wednesday (Mar 11) recommended the release of 400 million barrels of oil, the largest such move in its history, to try to restrain soaring crude prices amid the United States-Israeli war with Iran.
The Paris-based IEA, an energy watchdog that coordinates oil stockpiles among major consuming nations, said the release had been unanimously agreed by 32 member countries, with timing to be set out in due course. The Paris-based IEA made its comments as French President Emmanuel Macron chaired a meeting of Group of Seven leaders that will discuss the issue.
Germany's Economy Minister Katherina Reiche had earlier confirmed reports of the 400-million-barrel figure and said her country would participate in the release. The US and Japan would be the largest contributors to the IEA release, she added.
"Pressure came mainly from the US government, which wants this release," an EU diplomat said, speaking before the IEA statement.
US Interior Secretary Doug Burgum welcomed reports of the planned release.
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