The International Energy Agency (IEA) has proposed the largest release of oil reserves to reduce crude prices that have soared during the US-Israeli war against Iran, officials familiar with the matter said, The Wall Street Journal reported Tuesday.

The proposed release would amount to more than 182 million barrels of oil reserves that were released from reserves in 2022.

According to sources, a final decision could be made on Wednesday if all IEA member countries unanimously support the initiative.

Executive director Fatih Birol had announced on March 3 that the IEA will hold an emergency meeting of member countries due to the situation in the Middle East. He had said the meeting will discuss the situation in the gas and oil markets.

The participants will also discuss possible measures to eliminate supply disruptions.