The International Energy Agency’s Governing Board agreed Thursday to accelerate remaining emergency oil-stock releases, with plans already in place to release more than 20 million barrels of diesel as soon as possible.
The IEA Secretariat’s latest assessments point to continued tightness in oil markets, particularly diesel, according to the board’s October 15 statement.
Member countries have released approximately 330 million barrels under the collective action launched in March in response to the Strait of Hormuz crisis, the statement said. Around 100 million barrels remain to be released.
The board agreed to take all necessary steps to complete those releases promptly, consistent with each member’s national circumstances.
Total releases will exceed the original 400 million barrels, according to the statement. Some members have already released more than they pledged in March, while others intend to do so.
The board also expressed its willingness to take further action to address challenges in global energy markets, building on the G7 statement of October 2.
Members with oil-production and refining capacity were encouraged to increase supplies of crude oil and refined products, especially diesel. The board also stressed the importance of keeping energy trade flowing freely.
The Secretariat will continue monitoring completion of the March action in line with the G7 leaders’ statement. Drawing on an updated oil-market assessment focused on diesel, it will inform G7 leaders, as requested, and the Governing Board about any further action needed.
