IEA to recommend release of record 400M oil barrels to curb soaring prices due to Iran war: report

Core Viewpoint - The International Energy Agency (IEA) is set to propose the release of a record 400 million barrels of oil to mitigate rising prices due to the ongoing conflict in Iran, which would significantly exceed the previous record of 182 million barrels released in 2022 following Russia's invasion of Ukraine [1][3]. Group 1 - The IEA's 32 member countries are expected to make a decision on the proposal during a meeting ahead of the G7 leaders' summit, indicating a coordinated international response to the crisis [3]. - Since the onset of the Iran war on February 28, oil prices have surged by as much as 40%, reflecting the market's reaction to geopolitical tensions [3]. - The IEA currently holds approximately 1.2 billion barrels in public stocks, which could be utilized in the proposed release [7]. Group 2 - The IEA is expected to outline various scenarios based on the anticipated market impact of the proposed oil release, potentially involving outreach to non-IEA members such as China and India [4]. - Oil prices have shown signs of rebounding, as market participants express skepticism regarding the effectiveness of the IEA's proposal in countering potential supply disruptions from the ongoing conflict [3].