The International Energy Agency said Saturday that member countries had so far released 325 million barrels of oil and oil-derivative products from strategic reserves, from the 400 million barrels promised in March. The update came a day after G7 leaders, in a statement issued by French President Emmanuel Macron's office, agreed in coordination with the IEA to immediately release 100 million barrels of diesel and crude oil, following US pressure on Europe to tap its reserves and ease supply concerns caused by the US-Iran war. The G7 did not say whether the 100 million barrels included the outstanding 75 million barrels from the March IEA commitment, or came on top of that.
The IEA statement said "around 325 million barrels of the IEA collective action announced on 11 March have so far been released, representing over 80 percent of the 400 million barrels originally pledged in the action". Donald Trump's administration has been pressuring allies to release diesel reserves to ease a spike in prices for the fuel, being felt in America and elsewhere. The war in the Middle East has squeezed diesel supplies, with Iran restricting shipping through the Strait of Hormuz in response to US and Israeli attacks.
The market has also been hit by Ukraine's strikes on Russian refineries, as Kyiv hits back against Moscow's own attacks.
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