The Paris-based agency is expected to publish the recommendation at 1300 GMT on Wednesday, shortly before leaders of the Group of Seven hold a virtual meeting chaired by Emmanuel Macron to discuss coordinated measures to stabilize energy markets.

A source said the proposed release would be spread over at least two months. Sara Aagesen, Spain’s energy minister, said participating countries could have up to 90 days to release the volume if the plan is adopted.

Aagesen described the proposal as unprecedented in scale compared with previous coordinated actions. During the energy shock following the Russian invasion of Ukraine, around 182 million barrels were released from strategic reserves, she said.

The current proposal would more than double that amount, reflecting concerns among major economies about the impact of the Iran conflict on global oil markets and energy security.

The International Energy Agency coordinates emergency oil stockpiles among major consumer nations, a system established after the oil shocks of the 1970s to provide a buffer against severe supply disruptions.

Leaders of the Group of Seven are scheduled to discuss the proposal in a meeting led by France on Wednesday after the bloc’s energy ministers voiced support for using strategic reserves to counter market volatility.

“In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves,” G7 energy ministers said in a joint position.

A G7 source told Reuters that while there is currently no physical shortage of crude oil among member states, sharply rising prices and market volatility have prompted governments to consider coordinated intervention.

Oil prices initially surged following the escalation of the U.S.-Israeli conflict with Iran, though markets later rebounded as traders questioned how effective a large reserve release would be in easing supply concerns.

Authorities said the directive applies nationwide and is intended to cut electricity consumption and reduce traffic congestion, which officials say contributes to higher fuel use. University campuses in the country consume large amounts of electricity for residential halls, classrooms, laboratories and air-conditioning systems, placing additional strain on the national power grid.

Officials said the early closure of universities is part of emergency measures designed to ease pressure on the country’s power system as energy supplies tighten.

Government and private schools in Bangladesh are already closed for the Islamic holy month of Ramadan, meaning most educational institutions across the country will remain shut during this period.

The decision comes as Bangladesh faces growing uncertainty over fuel and gas supplies following disruptions to global energy markets caused by the ongoing Middle East conflict.

The country relies on imports for about 95% of its energy needs, making it highly vulnerable to volatility in international fuel markets.Authorities imposed daily limits on fuel sales on Friday after panic buying and stockpiling intensified pressure on domestic supplies.

As part of wider efforts to reduce electricity consumption, the government has also asked foreign-curriculum schools and private coaching centres to suspend operations during the same period.

Severe gas shortages have already forced Bangladesh to halt operations at four of its five state-run fertiliser factories, redirecting available gas to power plants to prevent widespread electricity outages. The country has also turned to the spot market to purchase liquefied natural gas at sharply higher prices while seeking additional cargoes to bridge supply gaps.

“We are doing everything we can to reduce consumption and ensure stability in power, fuel and import supplies,” a senior energy ministry official said.

Retail fuel prices climbed more than 10% during the week as markets reacted to supply disruptions linked to the conflict involving the United States, Israel and Iran. The surge presents a potential political challenge for U.S. President Donald Trump, whose administration has pledged to lower energy costs and expand domestic oil and gas production.Speaking in an interview with Reuters, Trump dismissed concerns about the increase, saying that “if they rise, they rise.”Prices climb to multi-month highsAccording to data from the American Automobile Association, the national average price of regular gasoline reached $3.32 per gallon on Friday, an 11% increase from a week earlier and the highest level since September 2024.Diesel prices rose even more sharply, climbing 15% over the same period to $4.33 per gallon, their highest level since November 2023.

The United States is the world’s largest oil producer and a significant exporter, but it also imports millions of barrels daily due to its status as the world’s largest oil consumer. Analysts say global disruptions can therefore affect domestic fuel prices even when U.S. production remains strong.Midwest and South feel the impactSome of the steepest increases were reported in the Midwest and southern United States. In Georgia, average gasoline prices rose 40.1 cents per gallon in the past week, according to the fuel tracking website GasBuddy.Andrenna McDaniel, a healthcare insurance worker in South Fulton, Georgia, said the rise came quickly. “They jumped up so quickly,” she said, adding that she has reduced driving to essential trips.Others expressed support for the administration’s actions. Richard Soule, a retired firefighter and U.S. Air Force veteran in Marietta, said he believed the increase was acceptable in light of national security concerns as he filled up his pickup truck.Other states including Indiana and West Virginia recorded weekly increases of more than 40 cents per gallon.Supply concerns drive outlookOil markets have reacted strongly to disruptions around the Strait of Hormuz, a critical global shipping corridor for crude exports. On Friday, U.S. oil futures settled at $90.90 per barrel, marking the largest single-day increase since April 2020.Patrick De Haan, an analyst at GasBuddy, said gasoline prices could climb further if crude prices continue rising and supply disruptions persist.Denton Cinquegrana, chief oil analyst at Oil Price Information Service, said global demand for U.S. crude has increased as refineries in Asia and Europe seek alternatives to Middle Eastern supplies, tightening domestic fuel markets.

Diesel markets face additional pressure from strong global demand for freight transportation, power generation and heating during an extended winter, combined with limited refining capacity.Higher diesel costs can ripple through the broader economy because the fuel is widely used in shipping, agriculture and manufacturing, raising the cost of transporting goods ranging from food to household products.