IEA: Member countries ready to release more of their oil reserves

Member countries of the International Energy Agency (IEA) announced they are prepared to release additional oil reserves if necessary, with priority given to diesel, which is facing a severe supply shortage, according to the agency’s executive director.

In a statement, IEA Executive Director Fatih Birol said member countries still hold ample reserves of crude oil and refined products, and are “ready to inject more of these stocks into the market if needed.”

Last Friday, G7 countries, in coordination with the IEA, agreed to immediately release 100 million barrels of diesel and crude oil to mitigate the impact of the war in the Middle East on global supply chains.

Despite a recent increase in the number of ships transiting the Strait of Hormuz, damage to refineries in the region and in Russia has led to shortages of refined products such as diesel.

Birol stated in the statement that “IEA members also support prioritizing diesel stocks, as much as possible, given the current significant shortage in markets.”

On Saturday, the IEA announced that member countries had released 325 million barrels of oil and petroleum products from their strategic reserves, out of the 400 million barrels pledged to be injected into markets in March.

Birol noted that member countries still maintain high levels of emergency oil stocks, totaling approximately 1.1 million barrels, including more than 200 million barrels of diesel.