The International Energy Agency said on Saturday that member countries had released 325 million barrels of oil and oil-derived products from strategic stockpiles, out of the 400 million barrels pledged in March.
The update came one day after G7 leaders, through a statement issued by the office of French President Emmanuel Macron, confirmed that they had agreed in coordination with the IEA to immediately release 100 million barrels of diesel and crude oil. The decision followed U.S. pressure on European partners to draw down reserves and ease supply concerns linked to the U.S.-Iran war.
The G7 statement did not clarify whether the newly announced 100 million barrels included the remaining 75 million barrels from the March IEA commitment or were additional to that amount.
The IEA said: “Around 325 million barrels of the IEA collective action announced on 11 March have so far been released, representing over 80 percent of the 400 million barrels originally pledged in the action.”
The Trump administration has been pressing allies to release diesel reserves amid a sharp rise in fuel prices that has been felt in the United States and elsewhere.
Middle East hostilities have squeezed diesel supplies, with Iran restricting shipping through the Strait of Hormuz in response to U.S. and Israeli strikes. The market has also been affected by Ukrainian attacks on Russian refineries, which Kyiv has carried out in response to Russian strikes.
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