Business · Energy & Commodities · 1 day ago
IEA chief urges countries to consider extra diesel reserve releases
Fatih Birol, head of the International Energy Agency (IEA), has urged its member countries to consider releasing more diesel from their reserves.
The aim is to help contain rising diesel prices amid renewed violence in the Middle East and attacks on Russian refineries by Ukraine.
The energy market is also under pressure from the war in Iran and the disruption of shipping through the Strait of Hormuz.
In March, IEA members agreed to release 400 million barrels of oil and fuels; 325 million have been released, and about 100 million are still to come to market, according to the agency.
Birol says countries should give diesel priority when speeding up those remaining releases, as well as consider additional releases.
The IEA board meets on October 15, which could provide an opportunity to discuss a new agreement.
The agency says the diesel market needs immediate attention because the price pressure threatens the wider economy.
IEA Executive Director Fatih Birol urged member countries to consider additional releases of diesel reserves to help contain rising prices.
The IEA said current market conditions for diesel deserve immediate attention.
The call follows a March agreement to release 400 million barrels of oil and fuels in response to the shock from the war in Iran and the Strait of Hormuz blockade.
The agency said 325 million barrels had been released so far and about 100 million remained to be released, with priority given to diesel.
The IEA board is due to meet on October 15, an occasion that could allow members to consider a new agreement.
- Who
- Fatih Birol, executive director of the International Energy Agency, urged IEA member countries to consider additional diesel reserve releases.
- What
- He called for countries to assess whether further releases are needed and, if so, decide their scale and timing.
- When
- In a statement issued on Sunday; the article was published on October 11, 2026.
- Where
- The call was directed to members of the International Energy Agency.
- Why
- To help contain rising diesel prices amid energy-market pressures linked to conflict in the Middle East and attacks on Russian refineries.
This story does not have two clearly opposing sides.
The IEA agreed to release 400 million barrels of oil and fuels in response to the shock from the war in Iran and the Strait of Hormuz blockade.
The IEA agreed to accelerate the release of oil and diesel reserves still pending from the March agreement.
Birol called on IEA members to assess whether additional diesel reserve releases are needed.
The IEA board is due to meet, offering a possible opportunity for a new agreement.
- March reserve agreement
- 400 million barrels of oil and fuels
- Released so far
- 325 million barrels
- Still to be released
- About 100 million barrels
- Priority fuel
- Diesel
- IEA board meeting
- October 15
What people are saying
current market conditions for diesel deserve immediate attention
to assess whether additional diesel releases are necessary and, when they consider such releases appropriate, to set their scale, timing and complementary nature
a valuable opportunity
As we did in March, I believe we can once again demonstrate the IEA’s ability to act together in favor of energy security and economic stability
Sources
Related news
Robert Hall and Michael Woodford win 2026 economics prize
IMF chief warns AI could disrupt jobs and weaken tax revenues
Iran war raises costs for banana trade to the United States
H&M investigates claims of a possible cyber incident
Mid-market fashion brands are staging a comeback
Asian shares mixed as oil falls amid Trump’s Russian diesel plan
African investors look beyond AI models for startup value
OPEC cuts 2026 oil demand growth forecast to 400,000 barrels a day
OPEC sees oil demand growth rising to 1.7 million barrels a day in 2027
IMF and World Bank to discuss global economic risks in Bangkok
Robert Hall and Michael Woodford win Nobel economics prize
