“Wall Street Journal”: “International Energy” proposes implementing the largest withdrawal from oil reserves

The Wall Street Journal reported that the International Energy Agency is considering implementing the largest withdrawal from strategic oil reserves in its history, in an attempt to reduce crude prices that have risen sharply due to the war between the United States and Israel on the one hand and Iran on the other.

According to officials familiar with the discussions, this step is being considered as part of urgent moves to contain fluctuations in global energy markets.

Larger amounts of the 2022 crisis

The report indicated that the proposed amount of withdrawal may exceed 182 million barrels of oil, which is the amount that the member states of the International Energy Agency pumped into the market during the year 2022 after the outbreak of the Russian war in Ukraine.

This operation was at the time the largest coordinated intervention in oil markets, but the new plan may exceed it in size.

An emergency meeting to discuss the plan

According to the newspaper, the proposal was presented during an emergency meeting of energy officials from member states of the International Energy Agency.

This bloc includes 32 countries that work to coordinate their energy policies, especially in times of crises that may affect the stability of global supplies.

Trying to calm the markets

This step comes in light of the rise in oil prices as a result of military tensions in the Middle East, in addition to fears of supply disruption, especially with the region’s importance in global energy production and export.

Decision makers hope that pumping large quantities of oil into the markets will ease pressures on prices and stabilize the international energy market.