IEA: Member Countries Agree to Accelerate Oil Reserve Release, Including Over 20 Million Barrels of Diesel

The International Energy Agency (IEA) announced on October 15 that its member countries have agreed to accelerate the release of emergency oil reserves, including the prompt injection of more than 20 million barrels of diesel into the market to alleviate global supply tightness.

According to an IEA statement released that day, since the joint action plan was reached in March this year, member countries have already released approximately 330 million barrels of oil reserves. They are now accelerating the release of the remaining roughly 100 million barrels. The statement noted that some members have exceeded their initial commitments, and others plan to increase their releases, with the total expected to surpass the original target of 400 million barrels.

The IEA emphasized that global oil market supply remains tight, particularly for diesel. It called on members with production and refining capabilities to increase supplies of crude and refined products, especially diesel, while ensuring smooth energy trade.