According to the newspaper, members are expected to decide on Wednesday whether to authorize “the largest ever release” from the organization’s oil reserves to stabilize oil prices. Since the start of the Iran war in late February, oil prices have fluctuated sharply.
The 32 member countries together have reserves equivalent to about 124 days of lost supply from the Gulf states. According to the Wall Street Journal, the release now being considered would be larger than the 182 million barrels that the IEA released in 2022 when Russia began its invasion of Ukraine.
After the reports, oil prices fell in both the US and Europe.
