TechFlow News, March 11: According to The Wall Street Journal, sources familiar with the matter stated that the International Energy Agency (IEA) has proposed releasing the largest volume of oil from its strategic reserves in history to curb soaring crude oil prices triggered by potential conflict between the U.S. and Israel against Iran. Officials indicated that the volume of oil to be released would exceed the 182 million barrels the IEA’s member countries jointly released onto the market in two tranches during the Russia-Ukraine conflict in 2022. The proposal was discussed on Tuesday at an emergency meeting of energy officials from the IEA’s 32 member countries. A decision on the proposal is expected on Wednesday. The proposal will be approved if no member country objects; however, even a single objection would delay implementation. Following this news, WTI crude oil fell below $82 per barrel, down 5.20% on the day. (Jinshi Data)
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