Khaberni - The International Energy Agency proposed implementing the largest oil withdrawal from strategic reserves in its history to reduce the prices of crude oil, which have increased significantly during the Iran war, according to officials familiar with the matter reported by the "Wall Street Journal".
The officials said that the proposed withdrawal would exceed 182 million barrels of oil, which is more than the quantity released by the member countries of the agency into the market through two withdrawals in 2022, during the Russian invasion of Ukraine.
The proposal was discussed during an emergency meeting of energy officials from the 32 member states, on Tuesday.
The countries are expected to make a decision on the proposal on Wednesday. The proposal will be adopted if no country objects, but an objection from just one country could delay the plan, according to the officials.
The agency's proposal aims to address the significant disruption caused by the near-total closure of the Strait of Hormuz, a narrow maritime passage that connects the Gulf to global markets, through which about one-fifth of the world’s oil supply passes.
