The International Energy Agency (IEA) is considering a record release of emergency oil reserves in response to surging global crude prices linked to the ongoing US-Israeli conflict with Iran, according to a report published by The Wall Street Journal.
Citing officials familiar with the discussions, the report said the proposal was presented during an emergency meeting of energy officials from the IEA’s 32 member countries on Tuesday. The measure aims to stabilize global oil markets and ease price pressures triggered by heightened geopolitical tensions in the Middle East.
If approved, the planned release would exceed the 182 million barrels of oil that IEA member countries released in 2022 after Russia’s invasion of Ukraine, which at the time marked the largest coordinated release of strategic petroleum reserves.
Energy officials are expected to make a final decision on the proposal on Wednesday, the report said.
Strategic oil reserves are emergency stockpiles maintained by major economies to ensure energy security during periods of supply disruption. These reserves can be released into the market to help stabilize prices and prevent shortages during crises.
One of the largest such reserves is the United States Strategic Petroleum Reserve (SPR). According to the US Department of Energy, the SPR has a storage capacity of 714 million barrels of crude oil and is stored in four underground salt caverns along the US Gulf Coast.
Global oil markets have been closely monitoring developments in the Middle East, as escalating military tensions have raised concerns about possible disruptions to energy supply routes in the region. Analysts say even the risk of supply interruptions can drive oil prices higher as traders anticipate tighter global supply.
The IEA has historically coordinated emergency reserve releases among its member countries to stabilize energy markets during major geopolitical or economic disruptions. Such actions are typically designed to temporarily increase supply until markets regain balance.
If approved, the proposed release would represent one of the most significant coordinated energy interventions in recent years, highlighting the growing impact of geopolitical conflicts on global energy security.
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