IEA Accelerates Oil Reserve Releases... "20 Million Barrels of Diesel to Be Released Early"

With energy prices surging amid instability in the Middle East, member countries of the International Energy Agency (IEA) have decided to accelerate the release of about 100 million barrels from their oil reserves. In particular, they will release more than 20 million barrels of diesel as soon as possible to stabilize prices amid worsening supply shortages.

According to the IEA, the IEA Governing Board, comprising 32 member countries, met on Oct. 15 (local time) and agreed to accelerate the release of the remaining 100 million barrels under the joint release plan for 400 million barrels of oil reserves agreed upon in March.

Yonhap News Agency

The IEA Governing Board later issued a statement saying, "We reaffirm our commitment to continuing the joint response agreed upon in March to address the crisis in the Strait of Hormuz." It added, "With specific plans already in place, we have decided to accelerate the release of the remaining volumes, including releasing more than 20 million barrels of diesel as quickly as possible."

In March, IEA member countries agreed to jointly release 400 million barrels of crude oil and petroleum products from their reserves in response to energy supply disruptions caused by the war in the Middle East. So far, 330 million barrels have been released, and the final volume is expected to exceed 400 million barrels, as some member countries have released more than their pledged volumes or plan to make additional releases.

The IEA is also understood to have urged member countries with crude oil production and refining capacity to increase supplies of crude oil and petroleum products, particularly diesel.

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