IEA to meet Wednesday over proposed release of reserves, say two EU diplomats
The agency said 325 million barrels have already been released and that member governments still hold about 1.1 billion barrels in emergency stocks.
- 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.
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Exclusive: G7’s 100-million-barrel pledge tied to March oil release
The October G7 announcement aims to accelerate and complete the IEA’s March emergency oil-stock release, rather than add a new 100-million-barrel pledge to the original 400 million, according to a document seen by Euronews.
Oil Stabilizes as IEA Moves to Speed Up Emergency Stock Releases
Oil prices settled lower on Wednesday following a choppy session after the International Energy Agency agreed to speed up a release of oil stocks and prioritize diesel in a bid to curb record-high fuel prices as the Iran war squeezes global supplies.Brent crude futures LCOc1 settled down 38 cents…
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.
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