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WTI crude oil drops over 5% intraday, IEA proposes releasing its largest-ever oil reserves
Mars Finance News, March 11 — According to WSJ, sources say the International Energy Agency (IEA) has proposed releasing its largest-ever oil reserves to lower crude oil prices that have surged due to the US and Israel’s conflict with Iran. Officials stated that the amount of oil to be released will exceed the 182 million barrels the IEA member countries released twice during the 2022 Russia-Ukraine conflict. The proposal was discussed at an emergency meeting of energy officials from the 32 IEA member countries on Tuesday. Countries are expected to decide on the proposal by Wednesday. If there are no objections, the proposal will be approved; but even one country dissenting could delay the plan’s implementation. As of the time of writing, WTI crude oil has fallen below $82 per barrel, down 5.20% for the day.