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IEA to Discuss New Oil and Diesel Release Amid Record Diesel Prices
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IEA Informal Meeting on Proposed Oil and Diesel Release
On October 7, the International Energy Agency (IEA) will hold an informal meeting at 1300 local time (1100 GMT) to consider a proposed release of oil and diesel stocks. Two European Union diplomats confirmed that the agenda includes details on the volume and composition of the release, which remain undefined. The meeting follows a recent Group of 7 (G7) agreement to make an additional 100 million-barrel release available.
Background: G7 Agreement and Record Diesel Prices
The G7, comprising the United States, United Kingdom, Japan, Canada and EU members France, Germany and Italy, reached the 100 million-barrel decision after President Donald Trump warned that the United States would ban diesel exports unless European nations increased market supply. Diesel prices have surged to record highs, affecting trucking, agriculture and industry worldwide. The price spike is linked to the war in Iran and the conflict in Ukraine, which have both disrupted refinery output.
Official Positions from Key Governments
Polish Energy Minister Milosz Motyka said Poland is prepared to release oil and diesel stocks if a consensus is reached, but he does not expect an IEA decision during the October 7 meeting. No specific new amount was disclosed.
Data on Prior IEA Releases
In March, the IEA coordinated the release of a record 400 million barrels of oil from strategic stockpiles to counter rising crude prices after the start of the US-Israeli war with Iran. Approximately 325 million barrels have been released to date, according to the IEA.
Upcoming Decisions
The IEA’s governing board is scheduled to decide the specifics of the proposed release at a meeting on October 14-15. The outcome will determine how much additional oil and diesel will be made available to alleviate the current price pressures.