The International Energy Agency (IEA), which comprises major global oil consumers, has proposed an unprecedented release of strategic oil reserves, aiming to stabilize rising oil prices linked to the war in Iran. The IEA, led by Fatih Birol, has suggested that member countries could release up to 400 million barrels of oil over the next two months, a significant increase compared to the response during the Ukraine conflict in 2022. This approach is geared towards ensuring that key nations, including those in the EU, do not excessively stockpile oil but instead make it available in the market to prevent supply uncertainties for countries heavily reliant on oil from the Persian Gulf.

Several member nations have already confirmed their commitment to this initiative, with Japan being one of the first to announce its intention to release reserves. Additionally, Spain's Third Deputy Prime Minister, Sara Aagessen, has indicated support for the measure, reflecting a broader consensus among member states on the need to address the volatility in oil markets. The IEA's proposal underscores the importance of international cooperation in energy policy, especially during periods of geopolitical tension that threaten global supply chains, and may play a crucial role in preventing economic destabilization in oil-dependent countries.