IEA Releases 325M Barrels of Emergency Oil as G7 Adds 100M
IEA Executive Director Fatih Birol gave the update to G7 leaders, according to an agency statement. "Around 325 million barrels of the IEA collective action announced on 11 March have so far been released," Birol told them. That is more than 80% of the 400 million barrels originally pledged, he said.
The IEA approved the 400-million-barrel drawdown in March to offset supply disruptions tied to the Middle East war. It described the move as the largest coordinated release in its history.
Pressure on energy markets has not eased, Birol warned. The Strait of Hormuz crisis continues to squeeze supplies, with diesel hit hardest. According to the agency statement, Ukrainian attacks on Russian refineries have compounded the problem by tightening diesel supply and pushing prices higher.
Following a virtual meeting, G7 leaders agreed to release the additional 100 million barrels through the IEA over four months. A statement issued after the meeting said a substantial share of the diesel is expected to reach the market in the first 20 days.
The G7 also agreed to coordinate refinery maintenance and to refrain from imposing energy export restrictions among member countries. Leaders asked the IEA to monitor implementation of the new measures and report on their impact within 20 days.
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