Business · Energy & Commodities · 3 hrs ago

IEA urges members to consider releasing more diesel from strategic reserves

IEA urges members to consider releasing more diesel from strategic reserves

The International Energy Agency is asking its 32 member countries to assess whether they should release more diesel from their strategic reserves.

The agency says members that have not completed earlier pledges should consider speeding them up, with priority given to diesel.

In March, members promised to release 400 million barrels of oil to address supply disruptions linked to the war in the Middle East.

By late last week, 325 million barrels of that amount had been released.

The G7 announced a coordinated release of 100 million barrels in early October, as fuel prices remained very high amid conflict in the Gulf and a blockage of the Strait of Hormuz.

The agency’s director also noted new attacks on oil and gas infrastructure in Saudi Arabia, including an attack on Riyadh airport that Saudi aviation authorities said killed at least 12 people and injured more than 300.

IEA members are due to meet on October 15, when they can discuss whether further releases are needed.

Sources

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