Coming: Largest ever oil release from strategic reserves

Looks like a political move BUT it was recommended by the Internationlal Energy Agency – no doubt we will take down our reserves. But don’t gloat too much if you are a Trump-hater. Biden did the same thing in the runup to the 2022 midterm elections.

PARIS—The International Energy Agency has proposed the largest release of oil reserves in its history to bring down crude prices that have soared during the U.S.-Israel war with Iran

The release would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, the officials said. The proposal was circulated at an emergency meeting of energy officials from the IEA’s 32 member countries on Tuesday.

Countries are expected to decide on the proposal Wednesday. It would be adopted if none objects, but even one country’s protests could delay the plan, officials said.

The IEA proposal is intended to counter the massive disruption caused by the near-total closure of the Strait of Hormuz, the narrow waterway that connects the Persian Gulf to global markets. Roughly one-fifth of the world’s oil supply moves through the Strait every day and the threat of attacks on tankers by Iran have brought shipments to a near standstill.