IEA Reports 80% of Pledged Oil Released Amid Global Energy Concerns

The International Energy Agency (IEA) has released an update on its collective action to release oil from strategic reserves. As of Saturday, member countries have released 325 million barrels of oil and oil-derivative products, representing over 80% of the 400 million barrels originally pledged in March.

This comes after G7 countries agreed to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by the US-Iran war. The G7's decision was made in coordination with the IEA, which noted that its member countries had so far released around 325 million barrels of the 400 million pledged.

The release of 100 million barrels from the G7 is a front-loaded effort, with a substantial portion of diesel being released within the first 20 days. The US government had been pressuring allies to release diesel reserves to ease rising prices for the fuel.