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.

The discussions come as major economies assess potential responses to volatility in global oil markets following the conflict. Benchmark crude prices surged to nearly four-year highs on Monday before dropping sharply on Tuesday after Donald Trump said the Middle East war could end soon.

The G7 grouping includes the United States, Canada, Japan, Italy, Britain, Germany and France, which currently holds the rotating presidency of the forum.

Oil markets have been rattled by fears that the conflict could disrupt supplies from the Middle East, particularly shipments moving through the strategically vital Strait of Hormuz, one of the world’s most important oil transit chokepoints.

Prices fell about 11% on Tuesday after Trump predicted the conflict might soon de-escalate, easing some concerns among traders about immediate supply disruptions.

Energy ministers from the G7 met earlier on Tuesday but stopped short of agreeing on a coordinated release of strategic petroleum reserves. Instead, they asked the International Energy Agency to evaluate the situation before any collective action is taken.

U.S. officials are also considering measures to ensure continued oil shipments through the Strait of Hormuz, including naval escorts for commercial vessels and guarantees for war-risk insurance for tankers. The steps are aimed at reassuring shipping companies and preventing further disruptions to global energy supplies as tensions in the region persist.