International Energy Agency (IEA) members have agreed to accelerate the release of around 100 million barrels of remaining emergency oil stocks, including more than 20 million barrels of diesel, as soon as possible amid continued tightness in global energy markets.
The agency's Governing Board said on Thursday its latest assessments pointed to persistent tightness in oil markets, particularly diesel, following a meeting on energy markets and security.
Approximately 330 million barrels have already been released under the collective action launched in March in response to the Strait of Hormuz crisis.
Total releases will exceed the original commitment of 400 million barrels, as some members have released more than initially pledged and others intend to do so, the board said.
Members agreed to take all necessary steps to complete the remaining releases promptly, consistent with national circumstances, with specific acceleration plans already in place.
The board also encouraged members with oil production and refining capacity to boost supplies of crude and refined products, particularly diesel, and emphasised the importance of the free flow of energy trade.
Reaffirming their commitment to international energy security, members expressed willingness to take further action to address global energy market challenges, building on the G7 statement of October 2.
The IEA Secretariat will monitor progress and inform G7 leaders and the Governing Board of further action needed, drawing on an updated oil market assessment focused on diesel.
