The International Energy Agency (IEA) is seriously considering the possibility of drawing heavily on the strategic oil reserves of its member countries. This unprecedented measure would aim to curb the skyrocketing crude oil prices caused by the conflict in the Middle East.
The idea was officially put forward at an extraordinary meeting of the IEA held on Tuesday in Paris. The proposed volume would exceed the 182 million barrels already released in two phases by member countries in 2022, following Russia's invasion of Ukraine.
This initiative comes at a time when oil prices are extremely volatile. At around 2:40 GMT on Wednesday, Brent crude rose 0.40% to $88.15 per barrel, after briefly exceeding $100 earlier in the week – its highest level since mid-2022. G7 finance ministers, meeting in Paris on Monday, had already discussed the possibility of drawing on strategic reserves.
President Emmanuel Macron is also set to chair a videoconference of G7 heads of state and government devoted to the "economic consequences" of the war in the Middle East, with a particular focus on the "energy situation" and measures to mitigate it.
In 2022, the coordinated release of 182 million barrels helped to respond to market disruption following the war in Ukraine. The current operation, if confirmed, would therefore constitute an even more massive effort, reflecting the severity of the current crisis.
For the moment, no official confirmation has been issued by the IEA or the G7 chancelleries. The markets remain suspended pending the decision expected in the coming hours, which could mark a turning point in the international response to the energy crisis triggered by the conflict in the Middle East.