IEA reports release of 325 million barrels of reserve oil — Euronews

Member countries of the International Energy Agency have already released about 325 million barrels of oil and petroleum products from strategic reserves. This is more than 80% of the 400 million barrels that participants in the IEA’s collective actions pledged to provide in March, Euronews reports.

Another 75 million barrels under the March commitment

The IEA said in a statement that approximately 325 million barrels had been released so far as part of the joint actions announced on March 11. Thus, about 75 million barrels still remain to be released from the initially announced volume of 400 million barrels.

On Friday, G7 leaders agreed to immediately release 100 million barrels of diesel fuel and crude oil in coordination with the IEA. This was stated in a release distributed by the office of French President Emmanuel Macron. The decision was made after US pressure on European allies to use reserves to ease supply concerns.

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Uncertainty over G7 volumes

The G7 did not clarify whether the 100 million barrels are included in the 75 million barrels yet to be released under the IEA’s March commitment, or whether this volume will be additional. According to the publication, Donald Trump’s administration pressured allies to release diesel fuel stocks amid rising prices for it in the United States and other countries.

Diesel fuel supplies, Euronews reported, have declined because of the war in the Middle East and Iran’s restrictions on shipping through the Strait of Hormuz in response to US and Israeli attacks. The market was also affected by Ukraine’s strikes on oil refineries in Russia, an aggressor state; according to the publication, Kyiv carried them out in response to Moscow’s attacks.