IEA proposes 400 million barrels of oil release to stabilise prices

PARIS / LONDON Acting ahead of the IEA move, G7 member Japan announced plans to release 15 days' worth of private-sector oil reserves and one month's worth of state oil reserves

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The International Energy Agency (IEA) is to recommend the release of 400 million barrels of oil, the largest such move in IEA history, to try to restrain soaring crude prices amid the US-Israeli war with Iran.

A source said the release would be spaced over at least two months, while Spain's energy minister said countries would have up to 90 days to release that volume.

Germany’s Economy Minister Katherina Reiche confirmed the 400 million barrel figure and said her country would participate in the release, details of which were still to be clarified. The US and Japan would be the largest contributors to the IEA release, she added.

The IEA did not immediately respond to a request for comment.

Acting ahead of the IEA move, G7 member Japan announced plans to release 15 days' worth of private-sector oil reserves and one month's worth of state oil reserves.

"Rather than wait for formal IEA approval of a coordinated international reserve release, Japan will act first to ease global energy market supply and demand, releasing reserves as early as the 16th of this month," Prime Minister Sanae Takaichi said in a broadcast statement.

The Paris-based IEA would publish its recommendation at 1300 GMT on Wednesday, ahead of a 1400 GMT meeting of G7 leaders chaired by France, according to three sources.