WTI Crude Oil Plunges Over 5% Intraday, IEA Proposes Releasing Its Largest-Ever Oil Reserves

BlockBeats News, March 11th, according to WSJ reports, sources said that the International Energy Agency (IEA) has proposed to release its largest-ever oil reserves to bring down the soaring oil prices due to the US-Iran war. Officials said the amount of oil released this time would exceed the 182 million barrels of oil that IEA member countries released to the market in two separate occasions during the 2022 Russia-Ukraine conflict.

The proposal was discussed on Tuesday at an emergency meeting of energy officials from the IEA's 32 member countries. Countries are expected to make a decision on the proposal on Wednesday. If no one opposes, the proposal will be approved; however, even if just one country raises an objection, it will lead to a delay in the implementation of the plan.

At the time of publication, WTI crude oil had fallen below $82 per barrel, down 5.20% intraday.