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 reserve to help lower the surging oil prices due to the US-Iran war. Officials stated that the amount of oil to be 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 objections are raised, the proposal will be approved; however, even if one country raises an objection, it will result in a delay of the plan's implementation.
At the time of writing, WTI crude oil has fallen below $82 per barrel, down 5.20% intraday.
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