Amidst soaring crude oil prices due to the US-Iran conflict and Strait of Hormuz disruptions, the International Energy Agency is proposing a record oil reserve release. This move aims to stabilize global markets, potentially exceeding the 182 million barrels released in 2022. Member nations are expected to decide on the proposal soon, with potential delays if any country objects. Amidst soaring crude oil prices due to the US-Iran conflict and Strait of Hormuz disruptions, the International Energy Agency is proposing a record oil reserve release. This move aims to stabilize global markets, potentially exceeding the 182 million barrels released in 2022. Member nations are expected to decide on the proposal soon, with potential delays if any country objects.
