ISTANBUL

The International Energy Agency (IEA) has proposed releasing a record amount of oil from emergency reserves as governments scramble to contain soaring energy prices triggered by the escalating conflict in the Middle East, Bloomberg reported Wednesday.

The Paris-based agency suggested a coordinated release of about 300 million to 400 million barrels from strategic stockpiles held by its member countries, according to a person familiar with the discussions. If approved, the move would mark the largest emergency oil release in the IEA’s history.

The proposal was circulated among energy officials during emergency consultations as policymakers seek to calm markets after crude prices surged on fears of major supply disruptions linked to the regional conflict.

The IEA coordinates emergency stockpile releases among mostly OECD countries as part of a collective energy security system designed to stabilize markets during major supply shocks.

A decision on the proposal could come as soon as Wednesday following consultations with member governments, with the issue also expected to be discussed by Group of Seven (G7) leaders as they assess the economic fallout from the ongoing war.

If implemented, the release would exceed the previous record drawdown of 182 million barrels coordinated in 2022 after the start of the Ukraine war triggered a global energy crisis.

Energy markets have been highly volatile in recent days as traders weigh the impact of the Mideast conflict on global supply, particularly disruptions affecting shipments through key routes such as the Strait of Hormuz, a critical artery for global oil trade.