IEA ready to release additional oil from emergency reserves — Asharq Al-Awsat

The International Energy Agency is ready to make additional releases of oil from the emergency reserves of member countries if they make the relevant decision. IEA Executive Director Fatih Birol said this at a Financial Times conference in London, United Kingdom, Asharq Al-Awsat reports.

Accelerating diesel supplies

Last week, the IEA decided to accelerate the release of the remaining volumes from the record decision on the use of emergency reserves agreed by countries in March. In particular, this concerns more than 20 million barrels of diesel fuel, which are planned to be directed to the market as quickly as possible to increase supply and curb prices.

Birol noted that the timing of the release of 20 million barrels of diesel depends on individual states. According to him, the volumes and timing of supplies will be determined by countries' decisions and the situation on winter markets. The IEA is seeking to accelerate these deliveries.

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Energy prices

Military actions in Iran and Russia's aggression against Ukraine, according to the publication, disrupted oil supplies and caused record diesel prices in many markets. This fuel is key for freight transport, agriculture and industry.

On Tuesday, the price of Brent oil exceeded $111 per barrel, reaching a five-month high. European diesel futures traded at $1,482.25 per metric tonne — nearly 4% higher than before the IEA decision adopted on Thursday.

In March, countries pledged to release more than 400 million barrels of crude oil and petroleum products. According to Birol, member countries have already released 80% of this volume.