The International Energy Agency plans to release the largest strategic petroleum reserve in history, causing international oil prices to fall accordingly.

The Strait of Hormuz remains blocked, impacting crude oil prices. To stabilize the global energy market, the International Energy Agency (IEA) has proposed releasing the largest strategic petroleum reserve in history. Once the news broke, international crude oil futures prices dropped accordingly, and markets are closely watching subsequent decisions by various countries.

(Oil prices surged 19%, WTI crude oil surpasses $100, Bitcoin drops to 66K)

IEA plans to release strategic petroleum reserves, exceeding the scale during the Russia-Ukraine war

According to The Wall Street Journal, informed officials revealed that the IEA proposed this plan during an emergency meeting of member countries on Tuesday. The proposed release is expected to surpass the 182 million barrels of crude oil released in two phases by member countries during the Russia-Ukraine conflict in 2022.

Fatih Birol, Executive Director of the IEA, stated in a recent announcement that member countries currently hold over 1.2 billion barrels of emergency public oil reserves. IEA member governments will hold a special meeting to consider whether to release emergency reserves to meet market demand.

Single country opposes, delaying progress

According to regulations, if no country objects, the plan will proceed smoothly; however, the presence of even one dissenting country could delay this large-scale reserve release.

Crude oil prices retreat from four-year highs

Since the US and Israel bombed Iran, oil prices surged up to 40%. However, following US President Donald Trump’s recent statement to reporters that “it will end soon,” and news of the IEA’s planned release of strategic reserves, oil prices declined this week.

(Trump says the war will end soon! Oil prices plummet, US stocks stage a surprising rebound)

West Texas Intermediate (WTI) and Brent crude futures fell more than 26% from the four-year highs of $119 set two days ago, currently trading at approximately $83 and $87 respectively.

(Oil prices break $110! Trump downplays the oil crisis: a small price to pay for world peace)

This article, titled “International Energy Agency plans to release the largest strategic reserves in history, causing global oil prices to fall,” first appeared on Chain News ABMedia.