Gate News Report, March 11 — According to sources, the International Energy Agency (IEA) has proposed releasing its largest-ever oil reserves to lower crude oil prices that have surged due to the US-Israel conflict with Iran. Officials said the amount of oil to be released will exceed the 182 million barrels that IEA member countries released in two phases during the 2022 Russia-Ukraine conflict. The proposal was discussed at an emergency meeting of energy officials from 32 IEA member countries on Tuesday, with a decision expected by Wednesday. If no one objects, the proposal will be approved; but even a single objection could delay the plan’s implementation. As of this report, WTI crude oil (West Texas Intermediate, a benchmark for international oil prices) has fallen below $82 per barrel, down 5.20% for the day.
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