The International Energy Agency is considering releasing 400 million barrels to stabilize the price of oil

The International Energy Agency (IEA) proposed to release 400 million barrels of oil with the objective of curbing the rise in prices generated by geopolitical tension in the Middle East.

The plan was presented during an emergency meeting between energy officials from the agency's 32 member countries.

If approved, it would be the largest release of strategic crude oil reserves in history, far exceeding the unpacking made in 2022 after Russia's invasion of Ukraine, when 182 million barrels were released.

The information was revealed by sources close to the discussions quoted by The Wall Street Journal.

G7 countries analyze the energy situation The

final decision on the plan could be taken this week, although some member countries could raise objections that

delay approval.

To coordinate an international response, the President of France, Emmanuel Macron, convened a video conference with the leaders of the Group of Seven (G7).

The objective of the meeting is to analyze the impact of the conflict in the Middle East on energy markets and evaluate joint measures to guarantee the stability of global supply

.

The Strait of Hormuz at the center of the energy crisis

The IEA initiative comes after the almost total interruption of maritime traffic in the Strait of Hormuz

.

This corridor connects the Persian Gulf with international markets and approximately one-fifth of the world's oil circulates through it.

The Iranian regime's attacks on oil tankers in the area have paralyzed much of maritime traffic, generating strong volatility in energy markets.

The crisis began to intensify since February 28, when the United States and Israel began attacks against Iranian strategic objectives.

The price of oil soared due to the crisis

Since the beginning of the military escalation, the international price of crude oil rose by up to 40%, momentarily exceeding 100 dollars per barrel

.

In recent days, the price has begun to moderate, although markets are still attentive to the evolution of the conflict and to the statements of US President Donald Trump about its possible duration.

On Tuesday, the barrel closed below $84, although fuels such as diesel continue to register increases.

Strategic reserves for dealing with energy crises

IEA member countries maintain significant strategic reserves aimed at responding to international crises.

As explained by the agency's executive director, Fatih Birol, current reserves include: