Oct. 15 (Reuters) – The International Energy Agency agreed, on Thursday, to release more than 20 million barrels of diesel to the market as quickly as possible, as well as any remaining oil from the record emergency reserves release pledged in March, in order to help with supply and curb the dizzying rise in prices.
The President of the United States, Donald Trump, has been pressuring European Union countries to use their reserves or face a possible prohibition on diesel exports by the United States, as he seeks to lower prices ahead of the midterm elections in the country on November 3.
Diesel prices have reached record levels in many markets due to supply disruptions stemming from the Middle East and Russia, posing threats of inflation and higher living costs for governments and consumers.
The IEA’s board, comprised of 32 countries, met on Thursday to discuss the scale and timeline of stock releases.
“The IEA Board reaffirmed its commitment to continue implementing the March 2026 Collective Action in response to the Strait of Hormuz crisis,” it said in a statement after the meeting.
In March, the countries pledged to release more than 400 million barrels of crude oil and derivatives as prices surged.
On Thursday, members “agreed to accelerate the release of the remaining volumes, with specific plans already underway, including more than 20 million barrels of diesel as quickly as possible.”
The agency, which coordinates the release of oil from emergency reserves by industrialized countries, said that some members have already released more than they pledged in March and that others plan to do the same.
Approximately 330 million barrels have been released so far, the agency said.
