The International Energy Agency agreed on Wednesday to accelerate the release of emergency oil stocks and give priority to diesel supplies, as governments scramble to tackle record fuel prices and supply disruptions caused by the Iran war.
The decision, announced after a meeting of member governments in Brussels, speeds up the 400-million-barrel release programme the IEA launched in March — the largest coordinated stock release in the agency's history. The IEA said about 325 million barrels have been released so far, and completing the remaining pledged volumes as quickly as possible could bring around 100 million more barrels to market.
There is, however, an important caveat: analysts and some governments cautioned that the 100-million figure does not necessarily represent a fresh intervention of that size. JPMorgan said the announcement appeared to largely accelerate deliveries already pledged under the March programme rather than signal new volumes, while Germany said it would participate in releasing the volume already determined in March.
The move follows an agreement by G7 countries last week to release 100 million barrels of crude and diesel, which came after President Donald Trump warned he might ban US diesel exports. Wars in Iran and Ukraine have damaged refineries and disrupted tanker traffic, driving diesel prices to record highs in many markets and turning the fuel into a major political and economic concern worldwide.
IEA Executive Director Fatih Birol said member governments had expressed support for accelerating the March collective action's stock releases with a view to completing them as soon as possible, and backed prioritising diesel releases given the tightness in diesel markets. The agency said members still hold publicly owned emergency stocks equivalent to around 1.1 billion barrels, including more than 200 million barrels of diesel, and that it stands ready to release more if required. Ministers will review the situation at a board meeting next week.
Sources:
IEA to accelerate oil reserve release, says 100 million barrels still to come — Reuters via ThePrint
Statement by IEA Executive Director on meeting of IEA Member governments on 7 October 2026 — IEA
The decision, announced after a meeting of member governments in Brussels, speeds up the 400-million-barrel release programme the IEA launched in March — the largest coordinated stock release in the agency's history. The IEA said about 325 million barrels have been released so far, and completing the remaining pledged volumes as quickly as possible could bring around 100 million more barrels to market.
There is, however, an important caveat: analysts and some governments cautioned that the 100-million figure does not necessarily represent a fresh intervention of that size. JPMorgan said the announcement appeared to largely accelerate deliveries already pledged under the March programme rather than signal new volumes, while Germany said it would participate in releasing the volume already determined in March.
The move follows an agreement by G7 countries last week to release 100 million barrels of crude and diesel, which came after President Donald Trump warned he might ban US diesel exports. Wars in Iran and Ukraine have damaged refineries and disrupted tanker traffic, driving diesel prices to record highs in many markets and turning the fuel into a major political and economic concern worldwide.
IEA Executive Director Fatih Birol said member governments had expressed support for accelerating the March collective action's stock releases with a view to completing them as soon as possible, and backed prioritising diesel releases given the tightness in diesel markets. The agency said members still hold publicly owned emergency stocks equivalent to around 1.1 billion barrels, including more than 200 million barrels of diesel, and that it stands ready to release more if required. Ministers will review the situation at a board meeting next week.
Sources:
IEA to accelerate oil reserve release, says 100 million barrels still to come — Reuters via ThePrint
Statement by IEA Executive Director on meeting of IEA Member governments on 7 October 2026 — IEA
