International Energy Agency decides to release diesel to the market
Member countries agreed to accelerate the use of emergency reserves in order to increase supply and rein in rising prices.
The International Energy Agency (IEA) has decided to release more than 20 million barrels of diesel onto the market to lower rapidly rising prices and increase supply.
Release of Reserves
The International Energy Agency reached an agreement on Thursday to release more than 20 million barrels of diesel onto the market, along with remaining oil from the record emergency reserve release pledged in March, aiming to boost supply and lower rapidly rising prices.
Political Pressures and Price Increases
As US President Donald Trump sought to lower prices ahead of the November 3 midterm elections, he pressured European Union countries to use their reserves and warned that the US could otherwise ban diesel exports.
Due to supply disruptions caused by the Iran war and the Russia-Ukraine conflict, diesel prices surged to record levels in many markets, exacerbating inflation and cost-of-living risks.
Governing Board Meeting and Plans
The governing board of the 32-member IEA met on Thursday to discuss the scale and timing of the stock release.
Following the meeting, it was announced that the joint action initiated in March 2026 in response to the Strait of Hormuz crisis would be sustained, and plans are in place to release over 20 million barrels of diesel as soon as possible.