IEA Executive Director Fatih Birol said Wednesday (local time) the agency would accelerate the release of strategic petroleum reserves, with a focus on diesel. Birol is seen here delivering opening remarks at the Summit on the Future of Energy Security, co-hosted last year by the British government and the IEA. [Getty Images]
IEA Executive Director Fatih Birol said Wednesday (local time) the agency would accelerate the release of strategic petroleum reserves, with a focus on diesel. Birol is seen here delivering opening remarks at the Summit on the Future of Energy Security, co-hosted last year by the British government and the IEA. [Getty Images]

The International Energy Agency said Wednesday (local time) it would accelerate the release of strategic petroleum reserves, prioritizing diesel, in response to recent supply shortages, and that it could release additional reserves into the market depending on circumstances.

IEA Executive Director Fatih Birol issued a statement saying member governments had expressed support for speeding up the reserve release announced in March and completing it as quickly as possible. He said member countries had also agreed to prioritize diesel.

Birol said member countries currently hold about 1.1 billion barrels in reserve, including more than 200 million barrels of diesel, adding that the IEA was "ready to release additional reserves into the market if needed."

He said that of the 400 million barrels member countries agreed to release at the start of the Iran war in March, 325 million barrels had already reached the market, with some members releasing more than they had pledged. The IEA said that once all remaining members fulfill their commitments, more than 100 million additional barrels would be supplied to the market.

Earlier, the G7 met Friday under the chairmanship of French President Emmanuel Macron and agreed to jointly release 100 million barrels of diesel and crude oil over four months through the IEA. The group announced that diesel would be released first during the initial 20 days, in coordination with partner countries.

The move came under pressure from US President Donald Trump, who faces an urgent need to bring down fuel prices — particularly diesel — ahead of midterm elections next month. Trump had warned that the United States would ban diesel exports to Europe if European nations did not release their reserves.

It remains unclear, however, whether the 100 million barrels announced by the G7 are part of the 400 million barrels agreed upon in March or represent a separate, additional release. Market analysts and diplomats have interpreted the announcement as not signaling an additional 100 million barrels. Reuters said it was also still unclear how much of the supply would consist of diesel versus crude oil.


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