Against rising energy prices the Iraq-Iran War, The global Energy Agency (IEA) reportedly proposed the largest always release of oil reserves. This release would exceed 182 million barrels which IEA associate States released in 2022 following Russia's invasion of Ukraine, reported the “Wall Street Journal” on Tuesday evening, citing officials acquainted with the case. The proposal was presented at a peculiar gathering of 32 IEA members, reads the report. The decision is due on Wednesday.
Oil prices reacted on Wednesday to speculation's decline. The barrel (159 litres) of Brent oil from the North Sea stood by 1 percent to $86.92. The American benchmark West Texas Intermediate (WTI) dropped 0.4 percent to $83.10. After a historical emergence in prices at the beginning of the week, oil prices fell by over 11 percent on Tuesday. According to LSEG data, Brent's North Sea oil price increased by about 21 percent this month, and WTI's American oil price by about 25 percent.
Macron calls a crisis summit
According to analysts Goldman Sachs, releasing the planned size would compensate for the failure of exports from the Gulf region for 12 days. president of France Emmanuel Macron (48) discuss this situation with the Heads of State and Government of the G7 countries during the video conference today.
The global Energy Agency (IEA) and the European Union require their members to keep oil reserves corresponding to at least 90 days of their net import. Since the establishment of the global Energy Agency in 1974, there have been 5 coordinated releases: before the Second Gulf War in 1991, after Hurricanes Katrina and Rita in 2005, during the civilian War in Libya in 2011 and twice after the Russian invasion of Ukraine in 2022. Germany is 1 of the 31 IEA associate States that keep strategical oil reserves in the event of a crisis. States United States and Israel began war with Iran raids on 28 February. On the first day of the war, they killed the ultimate Leader. Ajatollah Ali Chamenei and another members of the Iranian leadership. Since then, Tehran has responded with rocket attacks and drones to Israel, respective Gulf states and US facilities in the Gulf region.
The Iranian Guardians of the muslim Revolution besides block the Straits of Ormuz, which typically transports about 20 percent of the world's oil trade. This led to a sharp emergence in oil prices.
Commercial ship hit by a missile
Ships in this region are hit by missiles on multiple occasions. This morning, the merchant ship was hit by an alleged attack by Iran off the coast of the United arabian Emirates. "Unidentified missile" hit a container ship at the entrance to the Strait of Ormuz, reported the British Naval method Organization (UKMTO). harm reported, but the crew is safe. Ships in this area were advised to be careful.
