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 meeting, opened by French President Emmanuel Macron, brings together major nuclear stakeholders including the United States and China, while Russia one of the world’s largest nuclear powers is absent following its invasion of Ukraine.

The summit takes place as global energy markets remain volatile and policymakers reconsider nuclear power’s role in reducing dependence on fossil fuels and meeting climate goals.

Civilian nuclear power faced a sharp decline in public support after the Fukushima nuclear disaster, which intensified safety concerns previously raised by the Chernobyl disaster.However, interest has revived in recent years as governments emphasise energy sovereignty and the need for stable low-carbon electricity sources.

According to the World Nuclear Association, nuclear power currently accounts for roughly nine percent of global electricity production, with about 440 reactors operating across roughly 30 countries.

According to the World Nuclear Association, nuclear power currently accounts for roughly nine percent of global electricity production, with about 440 reactors operating across roughly 30 countries.

The conference is co-sponsored by the International Atomic Energy Agency and the International Energy Agency, both of which have called for greater investment in nuclear generation.

IAEA Director General Rafael Grossi said on Monday that around 40 countries had either begun building reactors or were considering doing so.

The agency has projected that global nuclear power generation could double by 2050 if governments accelerate deployment and investment.

China continues to lead new nuclear construction. The IAEA said the country is building 29 reactors in addition to the 57 already in operation.

IEA Executive Director Fatih Birol said Europe in particular has an interest in strengthening energy sovereignty by expanding domestic clean energy capacity.

Birol said this strategy would include scaling up renewable sources such as solar and wind while also enabling what he described as a “strong comeback” for nuclear power in the global energy mix.