The International Energy Agency, IEA, has said its member countries have so far released about 325 million barrels of crude oil and petroleum products from strategic reserves, as the G7 announced a fresh plan to release another 100 million barrels to ease global energy supply pressures.
The IEA said the 325 million barrels represent more than 80 per cent of the 400 million barrels pledged by its 32 member countries in March in response to disruptions caused by the Middle East conflict.
The latest update came a day after the Group of Seven countries, in coordination with the IEA, agreed to release 100 million barrels of crude and oil products over the next four months, including a substantial front-loaded release of diesel within the first 20 days.
It remains unclear, however, whether the G7’s 100 million barrels include the 75 million barrels still outstanding from the IEA’s March commitment or represent an additional release on top of the earlier pledge.
The IEA’s 32 members are Australia, Austria, Belgium, Canada, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, South Korea, Latvia, Lithuania, Luxembourg, Mexico, New Zealand, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, the Netherlands, Türkiye, the United Kingdom and the United States.
The G7 countries involved are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The European Union also participates in G7 meetings but is not counted among the seven member countries.
The March action was the largest emergency oil-stock release in the IEA’s history, with the agency’s members unanimously agreeing to make 400 million barrels available to the market amid severe disruptions to global oil supplies.
The decision to release additional supplies comes amid pressure from US President Donald Trump’s administration for allied countries to make diesel reserves available as fuel prices rise in the United States and other markets.
Restricted diesel supplies have been among the consequences of the conflict in the Middle East, with Iran disrupting shipping through the Strait of Hormuz in retaliation for US and Israeli attacks.
The global oil market has also been affected by Ukrainian strikes on Russian refineries as Kyiv continues its war against Moscow.
In its latest statement, the IEA said about 325 million barrels from the March collective action had already been released, amounting to more than 80 per cent of the original 400 million-barrel commitment.
The G7 said its new four-month release programme would include crude oil and petroleum products, with diesel supplies prioritised during the first 20 days.
The seven countries also agreed that there would be no restrictions on diesel exports among them, effectively removing a measure that Washington had previously threatened to impose before Trump later indicated it would not go ahead.
