IEA urges faster diesel releases as supplies tighten

WASHINGTON

The International Energy Agency (IEA) has urged member countries to accelerate pledged diesel stock releases and consider additional supplies as global markets tighten.

In an Oct. 11 statement, the agency said Executive Director Fatih Birol had written to member governments ahead of its Oct. 15 Governing Board meeting, calling on countries with outstanding commitments under a March agreement to speed up releases and prioritize diesel.

He also asked all members, including those that had fulfilled their pledges, to assess whether further diesel releases were needed and indicate possible volumes and timing.

Birol cited renewed attacks on civilian and energy infrastructure in Saudi Arabia, stressing the importance of cooperation among members to protect energy security and economic stability.

The agency’s 32 members agreed in March to make 400 million barrels of emergency oil reserves available following supply disruptions caused by the Iran war. It was the largest coordinated stock release in the IEA’s history.

G7 countries agreed on Oct. 2 to release up to 100 million barrels of crude oil and diesel over four months. The agreement followed a U.S. threat to halt diesel exports to Europe unless European governments took further action to curb record prices.

EU countries view the G7 agreement as the completion of March commitments rather than an additional release. The IEA said on Oct. 7 that about 100 million barrels pledged under the March agreement had yet to reach the market.