IEA proposes release of 400 mln barrels of oil from strategic stocks

PARIS, March 11 (Reuters) - The International Energy Agency (IEA) proposed on Wednesday the release of 400 million barrels of oil, the largest release of oil reserves in its history, to bring down crude prices that have soared amid the U.S.-Israel war with Iran.

The proposed release exceeds the 182 million barrels of oil that IEA member countries put onto the market in two steps in 2022 when Russia launched its full-scale invasion of Ukraine, the statement said.

The IEA recommendation comes ahead of a 1400 GMT meeting of G7 leaders chaired by France.