The 29 countries that are members of the International Energy Agency (IEA) are ready to release 120 million barrels of oil from their strategic reserves, The Wall Street Journal and Reuters reported, citing sources.

If announced, it would be the largest oil intervention in the history of the IEA. According to sources, 60 million barrels will be allocated by the United States, another 60 million by other IEA members - the organization includes 31 countries, with most European countries, Australia and Japan.

In early March, the organization already announced the release of 60 million barrels from reserves, which was a record at that time. Last week, the agency announced plans for additional oil interventions, but did not say anything about their scale. In addition, the United States last week announced that it was ready to withdraw 1 million barrels of oil per day from its strategic reserve for six months - that is, a total of about 180 million barrels, Kommersant writes.