IEA members to accelerate release of 100 million barrels of oil — Anadolu Agency

Members of the International Energy Agency have agreed to accelerate the release of about 100 million barrels from the remaining emergency oil stocks. The plan provides for the swift release of more than 20 million barrels of diesel fuel as tightness persists in global energy markets, Anadolu Agency reports.

Diesel fuel shortage

The IEA Governing Board, following a meeting dedicated to energy markets and security, said that its latest assessments indicate persistent tightness in the oil market. This particularly concerns diesel fuel.

As part of collective action launched in March in response to the crisis in the Strait of Hormuz, agency members have already released approximately 330 million barrels. The total volume of releases will exceed the initial commitment of 400 million barrels, as some participants have already released more than planned, while others intend to do the same.

More current news is available on the UA.News Telegram channel Telegram.

Call to increase supplies

Agency members agreed to take all necessary measures to complete the remaining releases in a timely manner, taking national circumstances into account. Specific acceleration plans have already been prepared for this purpose.

The Governing Board also called on participants with oil production and refining capacity to increase supplies of crude oil and petroleum products, primarily diesel fuel. IEA members confirmed their readiness to take further measures if necessary to respond to global energy market challenges, based on the G7 statement of October 2.

The IEA Secretariat will monitor the implementation of the decision and inform G7 leaders and the Governing Board of the need for further action based on an updated assessment of the oil market focused on diesel fuel.