IEA accelerated oil reserve release due to tight diesel market — Fortune
Member countries of the International Energy Agency on October 7 supported accelerating the release of oil stocks agreed as part of the IEA’s collective action in March 2026. They also agreed to prioritize diesel fuel due to the tight situation in this market. As Fortune reports, JPMorgan analysts viewed the decision as accelerating the delivery of already promised volumes rather than as a new market intervention.
In March, IEA countries agreed to provide the market with 400 million barrels of oil because of the war in Iran and disruptions to tanker traffic through the Strait of Hormuz. This was the agency’s sixth collective action since its establishment in 1974 and the largest by volume.
Stocks are declining
According to the IEA, the agency’s member governments currently hold approximately 1.1 billion barrels of government emergency stocks, including more than 200 million barrels of diesel fuel. In March, this figure exceeded 1.2 billion barrels. Saudi Aramco CEO Amin Nasser also estimated the total volume of oil withdrawn from global stocks, including corporate reserves, at more than 1 billion barrels.
G7 leaders agreed during a video conference on October 2 to a coordinated release of 100 million barrels through the IEA over four months. A significant share of the diesel fuel is planned to be delivered in the first 20 days. The countries also stated their intention to coordinate oil refinery maintenance schedules, encourage them to increase diesel production, and not restrict energy exports among G7 members.
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US reserve and GAO findings
In the United States, President Donald Trump’s administration in March began an emergency release of 172 million barrels from the Strategic Petroleum Reserve as the country’s contribution to the IEA’s actions. Its volume has declined to approximately 284 million barrels, the lowest level since 1982. After deliveries are completed, the reserve could decrease to approximately 243 million barrels.
In a report published in May and made public in June, the federal watchdog GAO stated that since 1985, the US Department of Energy has released more than 500 million barrels of crude oil from the Strategic Petroleum Reserve. Nearly 70% of all releases occurred in 2014–2025. The GAO also pointed to increasing repair needs due to aging infrastructure and the absence of a long-term plan for the reserve’s development after 2016.
The GAO recommended that Congress require the US Department of Energy to prepare long-term plans for the reserve on a set schedule, and that the department revise the technical criteria for its release and replenishment rates. The department agreed with the recommendations. The next meeting of the IEA Governing Board is scheduled for October 15.
