China and the International Energy Agency may be near an agreement for greater transparency regarding China's plans for petroleum reserves, the Wall Street Journal reported. More transparency could ease volatility in global oil prices. Claude Mandil, head of the IEA is expected to meet Friday with Chen Deming, China's top energy official to discuss a plan under which China would notify the IEA before releasing petroleum from its strategic reserves. The IEA coordinates the release of emergency oil stockpiles among the big users in the world. "We can at least agree that, first, we share the philosophy of the use of strategic stocks and, second, that we are totally prepared to talk with each other before using the stocks," Mandil told the newspaper.