IEA proposes record release of oil reserves against soaring prices

The International Energy Agency has proposed a major release of oil from strategic reserves.

The move is intended to lower crude prices amid rising tensions in the Middle East.

The reported release would surpass the combined 182 million barrels that IEA member countries made available in two separate releases in 2022, during the Russia-Ukraine conflict.

The proposal was circulated on Tuesday at an emergency meeting of energy officials from 32 IEA member countries. A decision on the proposal is expected to be made on Wednesday.

With China assuming the rotating presidency on Friday, the United Nations Security Council will focus its work in May on revitalizing the authority of the UN Charter and the role of the United Nations, while advancing the political settlement of the Middle East issue, and promoting the stability and development of African countries.

Briefing reporters on the Security Council's priorities for May, Fu Cong, China's permanent representative to the United Nations and president of the Security Council for May, made the statement on Friday.

In recent years, the world has been witnessing growing turbulence in the international landscape, with conflicts increasing, divisions widening, and the multilateral system, along with international law, under considerable strain, he said, urging the international community to take urgent actions to uphold the authority of the UN Charter and strengthen the role of the United Nations to prevent the world from "relapsing into the jungle" and "to save succeeding generations from the scourge of war".

In this context, Fu said, the Security Council will convene a high-level open debate in May under the theme of upholding the purposes and the principles of the UN Charter and strengthening the UN-centered international system.