IEA Prepares Further Oil Stock Releases as Members Accelerate Diesel Drawdowns

The International Energy Agency is ready to coordinate additional emergency oil stock releases if market conditions worsen, Executive Director Fatih Birol stated. Member nations are accelerating the release of 20 million barrels of diesel to curb surging fuel prices, though individual nations will decide specific timing and volumes based on winter market conditions. The move follows supply disruptions from Russia and the Gulf region, which pushed Brent crude past $111 per barrel and European diesel futures up nearly 4% to $1,482.25 per metric ton. IEA members have already deployed approximately 80% of a 400-million-barrel commitment pledged in March.