IEA proposes record oil reserve release over Iran war: WSJ

The International Energy Agency (IEA) has proposed its largest ever release of oil reserves to counter soaring crude prices driven by the US-Israeli war with Iran, the Wall Street Journal reported Tuesday, citing officials familiar with the matter.

The release would exceed the 182 million barrels IEA member countries put on the market in 2022 following Russia's invasion of Ukraine, the paper said.

The proposal was circulated at an emergency meeting of energy officials from the IEA's 32 member countries on Tuesday, with a decision expected Wednesday, according to the Journal.