The International Energy Agency (IEA) has proposed the largest‑ever release of oil from strategic reserves, the The Wall Street Journal (WSJ) reported.
The IEA and the The White House did not immediately respond to requests for comment from Reuters.
South Korea, an IEA member, said it is taking part in the discussions and reviewing its position, according to a spokesperson for the country’s industry ministry.
Oil prices fell after the WSJ report, with U.S. crude oil and Brent crude futures declining.
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