PARIS – The International Energy Agency (IEA) has proposed the largest release of oil reserves in its history to restrain soaring crude prices amid the US-Israel war with Iran, the Wall Street Journal (WSJ) said on March 10, citing officials familiar with the matter.

The release would exceed the 182 million barrels of oil that IEA member nations put on the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, the newspaper added.

The IEA called an extraordinary meeting of members on March 10, with nations expected to decide on the proposal the following day, the paper said.

The plan would be adopted if there were no objections, it added, but protests by even one country could delay the effort.

On March 10, the Group of Seven (G-7) energy ministers stopped short of agreeing on a release of strategic oil reserves, asking the IEA to assess the situation instead.

“Although no country currently faces a physical shortage of crude, prices are rising sharply, and leaving the situation unattended is not an option,” a G-7 source told Reuters.

“G-7 countries are generally supportive of an IEA coordinated oil stock release,” the source added, speaking on condition of anonymity.

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However, the actual release cannot start immediately because decisions on aspects such as total volume, country allocations and timing require further discussion, the source said.

“The IEA secretariat is expected to propose scenarios, based on expected market impact, and outreach may extend to non-IEA members like China and India.”

IEA member South Korea is participating in the discussion “and reviewing its position”, a spokesperson for the country’s industry ministry said on March 11.

US crude and Brent crude futures dropped after the WSJ report.

Benchmark oil prices lost ground on March 10, following the previous day’s surge to almost four-year highs, after US President Donald Trump predicted the war in the Middle East could end soon. REUTERS

March 11 - A Russian drone hit a civilian business in Ukraine's second-largest city of Kharkiv, killing two people and injuring five, local officials said.

"Unfortunately, there is preliminary information about two people killed," Mayor Ihor Terekhov said on the Telegram messaging app.

Kharkiv Regional Governor Oleh Syniehubov said that according to preliminary information all of the wounded were in serious condition and were receiving necessary assistance.