The International Energy Agency (IEA) has proposed the largest oil reserve release in its history to stabilize global oil prices, which have surged due to the ongoing conflict involving Iran, the United States, and Israel. The Wall Street Journal reported the proposal on Tuesday, citing relevant officials. According to AFP, the report noted that IEA member countries released 182 million barrels of oil in 2022 following Russia’s invasion of Ukraine, and the newly proposed release could exceed that amount.

The proposal was presented at an emergency meeting of energy officials from the IEA’s 32 member countries on Tuesday. A final decision on the plan is expected on Wednesday. The move reflects growing concern among member states about the impact of geopolitical tensions on global energy markets.

If approved, the release would mark an unprecedented intervention by the IEA to counteract supply disruptions and price volatility caused by the regional conflict.