IEA members release 325m barrels of oil from strategic reserves

The International Energy Agency (IEA) has announced that its member countries have so far released 325 million barrels of oil and oil-derivative products from strategic reserves, out of 400 million barrels promised in March. The update came a day after G7 countries, in coordination with the IEA, agreed to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by fallout from the US-Iran war. It is unclear whether the 100 million barrels include the outstanding 75 million barrels from the March IEA commitment or are additional. The US government has been pressuring allies to release diesel reserves to ease a spike in prices, as restricted diesel supplies are one of the consequences of the war in the Middle East.

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