MUSCAT : The Wall Street Journal reported that the proposed release would exceed the 182 million barrels of oil that member countries of the agency placed on the market in two phases in 2022 following the outbreak of the Russia–Ukraine war.

The newspaper said the IEA held an extraordinary meeting of its member states on Tuesday, with a decision on the proposal expected later Wednesday.

The plan would be adopted if no country objects, the report said, but an objection from even a single member state could delay the move.

Oil prices declined after the report was published, with futures for West Texas Intermediate crude and Brent crude falling.

Prices had climbed to their highest level in nearly four years on Monday before easing Tuesday after Donald Trump predicted that the war in the Middle East was nearing an end.

Meanwhile, energy ministers from the Group of Seven countries did not reach an agreement Tuesday on tapping strategic oil reserves, instead asking the IEA to assess the situation before taking any action.

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