IEA to meet Wednesday over proposed release of reserves, say two EU diplomats
IEA members back accelerating the release of roughly 100 million barrels as diesel prices hit record highs and inventories remain strained, officials said.
- The governing board of the International Energy Agency will hold an informal meeting today at 1300 local time to discuss the proposed release of oil and diesel stocks, two European Union diplomats said.
- Under pressure from President Donald Trump, the Group of Seven major economies agreed last week to release 100 million barrels of diesel and crude oil from emergency reserves and pledged to refrain from energy export restrictions.
- Wars in Iran and Ukraine have curtailed exports and damaged refineries, driving a rise in diesel prices; industry stakeholders remain confused regarding specific volumes Europe and international partners plan to release to address shortages.
- Germany's economy ministry is finalizing approval to release energy reserves, participating in volumes established by the IEA earlier this year as part of the broader 100 million barrel agreement over four months.
- Officials are determining whether the Group of Seven agreement releases the remaining share of an IEA-coordinated 400-million-barrel release from earlier this year or adds extra volumes, a key focus of today's governing board meeting.
133 Articles
133 Articles
Crude oil turns lower as IEA agrees to accelerate oil stock release, prioritize diesel
Crude oil futures turned lower after the International Energy Agency agreed to speed up a planned release of oil stocks and prioritize diesel "given the current tightness" in markets.
The agency's governments supported the early completion of the reserve delivery committed in March by the Straits of Hormuz crisis and the priority given to diesel.
The International Energy Agency's board of directors is discussing the release of oil and diesel stocks following the G7's pledge to release 100 million barrels from emergency reserves. The informal meeting is scheduled for 1 p.m. local time in Brussels, two European Union diplomats said. Representatives of EU countries discussed the proposal earlier in the day. However, no final decision has been confirmed yet on the distribution of quantities …
Several Countries Are Ready to Take Oil and Diesel Out of Strategic Reserves to Calm the Fuel Market
Member States of the International Energy Agency are prepared to remove new quantities of oil and diesel from strategic reserves, under conditions where the Middle East war and the blockade of the Ormuz Straits keep fuel prices at high levels.
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