IEA proposes releasing its largest-ever oil reserves to curb soaring crude oil prices

ZkProver · 2026-03-11T00:34:17+00:00

The International Energy Agency has proposed releasing the largest-ever oil reserves to offset the surge in crude oil prices caused by the US-Israel and Iran conflicts. The plan was discussed at an emergency meeting and is expected to be approved unless there are objections. The current WTI crude oil price is $82.57 per barrel, down 4.58% intraday.

ZkProver

2026-03-11 00:34:17

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ChainCatcher reports that, according to the Wall Street Journal, sources say the International Energy Agency (IEA) has proposed releasing its largest-ever oil reserves to lower crude prices that have surged due to the US-Israel conflict with Iran. Officials stated that the amount of oil to be released will exceed the 182 million barrels released in two phases by IEA member countries during the 2022 Russia-Ukraine conflict.

The proposal was discussed at an emergency meeting of energy officials from the 32 IEA member countries on Tuesday. Countries are expected to decide on the proposal by Wednesday. If there are no objections, the proposal will be approved; but even a single objection could delay the plan’s implementation.

According to Gate market data, WTI crude is currently trading at $82.57 per barrel, down 4.58% for the day.

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