Business · Energy & Commodities · 3 hrs ago
IEA to release more than 20 million barrels of diesel amid shortages
The International Energy Agency agreed to release more than 20 million barrels of diesel to ease shortages and rising prices.
Supply disruptions are linked to the widening Middle East conflict, risks to shipping through the Strait of Hormuz and Ukrainian attacks on Russian refineries.
The Strait of Hormuz carries about a fifth of the world’s oil and gas supplies, and Iran has largely closed it.
Diesel prices have climbed sharply, with Canada’s average retail price reaching a record $2.67 a litre this week.
High fuel costs can raise the price of goods and add to inflation, affecting households and businesses around the world.
The agency’s release is part of a wider G7 plan to release 100 million barrels of oil, starting with diesel.
Analysts say supplies will remain tight and prices may stay high because geopolitical pressures show no sign of easing.
The International Energy Agency agreed on Thursday to release more than 20 million barrels of diesel to help address global shortages and surging prices.
The agency said the release was intended to help a market strained by prolonged supply disruptions.
The disruptions have been linked to conflict in the Middle East, shipping risks through the Strait of Hormuz and attacks on Russian refineries.
The article says supplies are expected to remain tight despite the release.
Canadian diesel prices reached a record average of $2.67 a litre that week, according to federal government data.
- Who
- The International Energy Agency.
- What
- It agreed to release more than 20 million barrels of diesel.
- When
- Thursday, Oct. 15, 2026.
- Where
- The release is aimed at the global diesel market.
- Why
- To help a market struggling with shortages and surging prices.
This story does not have two clearly opposing sides.
The conflict in the Middle East began with U.S. and Israeli military strikes on Iran.
The IEA released its latest oil market report.
The IEA agreed to release more than 20 million barrels of diesel.
- Diesel release
- More than 20 million barrels
- Canadian diesel price
- $2.67 a litre on average, a record high that week
- Brent crude price
- US$105.81 on Thursday
- Middle East conflict began
- Feb. 28
- IEA report
- Released Wednesday
What people are saying
to keep demand in check
Iran has made it very clear that they want to keep oil prices high
more and more difficult to fix
Confidence in seeing oil prices normalized in a reasonable time frame is waning