IEA poised to call for largest ever release of stockpiled oil to reduce crude price

By Jillian Ambrose and Joanna Partridge · The Guardian World

Members to be asked to release about 400m barrels amid supply shortages and market volatility caused by Iran war Business live – latest updates Middle East crisis live – latest updates The International Energy Agency is poised to call for the largest release of government oil reserves in its history to help calm the oil price shock triggered by the US-Israeli attacks on Iran. The world’s energy watchdog is expected to call on its 32 members to release about 400m barrels of emergency crude, a third of the group’s total government stockpiles and more than double the IEA’s previous biggest release. Continue reading...