Global oil prices declined after a report that the International Energy Agency is considering the largest coordinated release of strategic oil reserves on record to ease tightening energy markets, according to reporting by Reuters, citing the The Wall Street Journal.
Following the report, Brent crude futures slipped about 0.26 percent to roughly $87.57 per barrel, while U.S. West Texas Intermediate (WTI) declined around 0.44 percent to about $83.08 per barrel, reflecting market expectations that a large emergency stock release could help stabilize supply and cool rising prices.
The proposed drawdown could exceed the 182 million barrels released in 2022 after the Russian invasion of Ukraine, which previously marked the largest coordinated release from strategic reserves. Energy officials are discussing the measure as a way to cushion potential supply disruptions and calm volatile markets.
The Business Standard says the move reflects growing concern over supply risks linked to escalating tensions in the Middle East, particularly threats to shipments through the Strait of Hormuz, one of the world’s most critical oil transit routes. If approved, the release would represent one of the most significant coordinated interventions in global oil markets since strategic stockpiles were established.
