IEA to accelerate release of 100 million barrels of emergency oil stocks

The International Energy Agency (IEA) has agreed to accelerate the release of approximately 100 million barrels of previously pledged emergency oil stocks. This includes the immediate release of over 20 million barrels of diesel to stabilize global fuel prices.

The decision follows pressure from the United States, which criticized the IEA and certain European members for delays in executing a collective action pledge made in March. The U.S. administration has lobbied for additional commitments to mitigate rising energy costs caused by supply disruptions in the Strait of Hormuz and conflicts in Ukraine and Iran.

To date, approximately 330 million barrels have been released from the original pledge of over 400 million barrels. The United States has contributed the largest share, releasing 172.2 million barrels from its Strategic Petroleum Reserve (SPR) through structured exchanges intended to replenish the reserve at a premium.