OMM Newsroom
Members of the International Energy Agency (IEA) agreed on Thursday to accelerate the release of around 100 million barrels of emergency oil stocks, including more than 20 million barrels of diesel, as soon as possible. The IEA said global energy markets remain tight.
The agency’s Governing Board said its latest assessment found persistent tightness in oil markets, particularly diesel, following a meeting on energy markets and security.
About 330 million barrels have already been released under the collective action launched in March in response to the Strait of Hormuz crisis.
Total releases will exceed the original commitment of 400 million barrels because some members have released more than they initially pledged, while others intend to do so, the board said.
Members agreed to take all necessary steps to complete the remaining releases promptly, in line with their national circumstances. Specific plans to accelerate the process are already in place.
The board also urged members with oil production and refining capacity to increase supplies of crude and refined products, especially diesel, and stressed the importance of keeping energy trade flowing freely.
Reaffirming their commitment to international energy security, members said they were willing to take further action to address challenges in global energy markets, building on the G7 statement of Oct. 2.
The IEA Secretariat will monitor progress and inform G7 leaders and the Governing Board about any further action needed, drawing on an updated oil market assessment focused on diesel.
