IEA members back prioritised diesel releases, complete oil releases

The International Energy Agency said on Wednesday its member nations supports prioritization of diesel releases from their reserves, while completing oil stock releases as soon as possible as part their previous commitment to address supply disruptions due to the Middle East conflicts. In a communique following a meeting of its member governments, IEA said its 32 member countries "expressed support" to accelerate the 400 million bbl of oil they said they would make available in a March 11 announcement. To date, about 325 million bbl of oil have been released under the March program, with some countries having released greater volumes than they initially pledged, according to the agency. IEA said the full release of all stocks that had been pledged but have not yet been released would bring about 100 million bbl of crude oil to the market. "IEA members also supported the prioritization of the release of diesel stocks, to the extent possible, given the current tightness in diesel markets," it said. IEA said its member countries still have significant levels of publicly held emergency oil stocks--equivalent to around 1.1 billion bbl, including over 200 million bbl of diesel. "The IEA stands ready to release more of these stocks to the market if and when required," it said. IEA said its member governments also "welcomed" the recent statement by the Group of Seven nations on global energy security and market stability. On Friday, the G-7 said it will implement a coordinated release of 100 million bbl of crude oil, as well as a "substantial" release of diesel. The agency said its member countries agreed to continue to assess and review the situation at its governing board meeting scheduled for next week. This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal. Reporting by Frank Tang, frank.tang@dowjones.com; Editing by Michael Kelly, mkelly@opisnet.com (END) Dow Jones Newswires October 07, 2026 11:53 ET (15:53 GMT) Copyright (c) 2026 Dow Jones & Company, Inc. The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.