International Energy Agency ready to release additional oil and diesel reserves

Member states of the International Energy Agency (IEA) are prepared to release additional strategic reserves of oil and diesel if market developments make this measure necessary. The decision was announced on Wednesday following a meeting of the organization, against the backdrop of high prices and tensions caused by the war in the Middle East and the blockade of the Strait of Hormuz.

Member countries jointly hold the equivalent of approximately 1.1 billion barrels, of which more than 200 million barrels are diesel stocks. The IEA said that, where possible, states are prioritizing the release of diesel, as this segment of the market is facing particular pressure.

Of the 400 million barrels pledged in March by the 32 member states, approximately 325 million have already been put on the market. The full release of the remaining volumes could add around 100 million more barrels. Another meeting is scheduled for next week to assess the situation.

The measure follows the Group of Seven’s announcement on Friday of a coordinated release of 100 million barrels through the IEA. Although crude oil exports from the Middle East, with the exception of Iran, have recovered to above pre-war levels, refined products remain under pressure.