The ministers and Fatih Birol, IEA executive director, will hold a call at 8.30am New York time to discuss the impact of the Iran war, the report said, citing people familiar with the situation, including a senior G7 official.
Three G7 countries, including the US, have expressed support for the idea, the report added.
The 32 members of the IEA hold strategic reserves as part of a collective emergency system designed for oil price crises. According to the report, some US officials believe a joint release in the range of 300 million to 400 million barrels would be appropriate.
This would represent 25% to 30% of the 1.2 billion barrels in the reserve.
