In the face of historic moments, historic measures: the proposal proposes the largest release of oil reserves in its history to reduce crude oil prices, triggered by the war between the United States and Israel against Iran, according to what the newspaper announced this Wednesday. .
The American newspaper, which does not identify its sources, details in its information that the release would exceed the 182 million barrels of oil that the IEA member countries put up for sale in two releases in 2022.
The proposal was launched this Tuesday at an emergency meeting of energy officials from the 32 IEA member countries, the information added.
Countries must decide on the plan this Wednesday. The measure would be approved if none of the members raise objections, although opposition from a single country could delay its implementation.
Cushion the crisis in Hormuz
The objective is to compensate for the severe interruption in supply resulting from the almost total closure of the Strait of Hormuz, a maritime passage that connects the Persian Gulf with international markets.
Approximately a fifth of the world’s oil transits through that route every day, where the threat of Iranian attacks on oil tankers has paralyzed a large part of shipments. That is why it is one of the most destabilizing elements on the world scene.
“Various studies detail that due to their narrow Waters south of Iran circulate 20% of the total oil, with between 17 and 20 million barrels of crude oil per day, and around 35% of the total products transported by sea. The blow is especially sensitive for China, highly dependent on the Strait route for its oil supplies and for a good part of its exports to the rest of the world.
In parallel, the G7 leaders also plan to meet this Wednesday, in this case by videoconference, to analyze the economic consequences of the war against Iran in , with special attention to the energy situation and measures to mitigate its impact. France already announced yesterday that it is preparing to reopen the strait.
