G7 and IEA Unite to Release Another 100 Million Barrels Amid Diesel Shortage

The International Energy Agency (IEA) reported that its member countries have released around 325 million barrels of oil and petroleum products from emergency reserves, representing over 80% of the 400 million barrels pledged in March to help cushion global energy markets.

This release comes as major economies prepare for another coordinated intervention in oil markets. The Group of Seven agreed to release 100 million barrels of crude oil and petroleum products over the next four months, with a substantial volume of diesel expected to reach markets within the first 20 days.

The IEA said that the 325 million barrels already released formed part of the collective emergency action announced on March 11. The original decision by the agency's 32 member countries represented the largest coordinated release of emergency oil stocks in the IEA's history.

Diesel emerges as a particularly sensitive component of the energy shock due to its widespread use in road freight, agriculture, industry, and other parts of the global economy.