IEA Proposes Massive Release of Emergency Oil Stockpiles

The International Energy Agency is proposing a discharge of emergency oil reserves that would be the largest in its history, as Japan said it’ll press ahead with its own release regardless.

The IEA, which co-ordinates stockpile discharges for OECD countries, has suggested member states release 400 million barrels, German Economy Minister Katherina Reiche said Wednesday. A decision is possible later in the day, a person familiar with the matter said, asking not to be identified discussing private deliberations.