IEA members agree to speed release of around 100 million barrels of emergency oil stocks, including more than 20 million barrels of diesel

Members of the International Energy Agency agreed Thursday to accelerate the release of around 100 million barrels of remaining emergency oil stocks, including more than 20 million barrels of diesel as soon as possible. The IEA Governing Board said its latest assessments showed persistent tightness in oil markets, particularly diesel, amid continued pressure on global energy markets.

About 330 million barrels have already been released under the collective action launched in March in response to the Strait of Hormuz crisis. Total releases will exceed the original 400-million-barrel commitment because some members have released more than they initially pledged and others intend to do so. Members agreed to take all necessary steps to complete the remaining releases in a timely manner, consistent with national circumstances.

The board also encouraged members with oil production and refining capacity to increase supplies of crude and refined products, especially diesel, and stressed the importance of the free flow of energy trade. Reaffirming their commitment to international security, members said they were willing to take further action. The IEA Secretariat will monitor progress and inform G7 leaders and the Governing Board based on an updated assessment.