IEA FLOATS OIL RELEASE FROM RESERVES – The release would exceed the 182million barrels of oil put onto the market in 2022
The International Energy Agency is reportedly proposing the largest release of oil reserves in its history to bring down crude prices that have soared due to the U.S.-Israel war with Iran.
The release would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine. Countries are expected to decide on the proposal today. The proposal would be adopted if none objects, but even one country’s protests could delay the plan.
Yesterday The White House reiterated that U.S. President Donald Trump said he will hit Iran hard over moves to stop the flow of energy supplies through the Strait of Hormuz, where the war has effectively halted one-fifth of the world’s oil and liquefied natural gas shipments, and repeated his offer for the U.S. Navy to safely escort tankers.
Saudi Arabia’s Aramco, the world’s top oil exporter, said there would be “catastrophic consequences” for the world’s oil markets if the Iran war continues to disrupt shipping.
