IEA to speed up release of oil stocks, including over 20 million barrels of diesel
The move follows US pressure over current plans not going far enough to quell rising fuel prices
THE International Energy Agency (IEA) on Thursday (Oct 15) agreed to release more than 20 million barrels of diesel to the market as soon as possible, along with any oil remaining from a record emergency reserves release pledged in March, to help supply and cool soaring prices.
US President Donald Trump has pressed EU countries to draw down reserves or face a potential US diesel export ban as he seeks to lower prices ahead of the Nov 3 midterm elections.
Prices of diesel have surged to record highs in many markets on the back of disrupted supply from the Middle East and Russia, posing inflation and cost-of-living threats to governments and consumers.
The 32-nation IEA’s board met on Thursday to discuss the scale and timing of stock releases.
“The IEA governing board reaffirmed its commitment to continue delivering on the March 2026 collective action in response to the Strait of Hormuz crisis,” it said in a statement after the meeting.
In March, countries had pledged to release more than 400 million barrels of crude and oil products as prices soared.
On Thursday, members “agreed to accelerate the release of the remaining volumes, with specific plans already in place, including over 20 million barrels of diesel as soon as possible”.
Some going beyond pledges
The IEA, which coordinates industrialised nations’ releases of oil from emergency stocks, said that some members had already released more than they pledged in March, and that others planned to do so.
About 330 million barrels have been released so far, the agency added.
The US told fellow IEA members that current release plans do not go far enough to quell rising fuel prices, Bloomberg News reported on Thursday, citing people familiar with the matter. The White House did not immediately respond to a Reuters request for comment.
Spain said on Thursday that it would release 4.4 million barrels from strategic reserves in October without specifying what it would release. The country has so far released 3.7 million of the 11.5 million barrels it pledged in March. REUTERS
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