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NEWS: The IEA is proposing the largest release of oil reserves in history to cool down the soaring oil prices caused by the US–Israel conflict with Iran.
According to the Wall Street Journal, the amount of oil expected to be released into the market could exceed 182 million barrels – a level previously released by IEA countries during the Russia–Ukraine crisis in 2022.
The proposal has been discussed at an emergency meeting of 32 member countries, and a final decision is expected to be made on Wednesday.