IEA to recommend record release of strategic oil stocks because of Iran war, sources say

The International Energy Agency (IEA) is to recommend the release of 400 million barrels of oil, the largest such move in IEA history, three sources said on Wednesday, to try to restrain soaring crude prices amid the US-Israeli war with Iran.

One of the sources said the release would be spaced over at least two months, while Spain's energy minister said countries would have up to 90 days to release that volume.

Three sources said the Paris-based IEA would publish its recommendation on Wednesday, ahead of a meeting of G7 leaders chaired by France.

In 2022, IEA member countries released 182.7 million barrels over two months, which was then the largest in IEA history, when Russia launched its full-scale invasion of Ukraine.