International Energy Agency (IEA) member governments have backed efforts to accelerate oil stock releases agreed under a March 2026 emergency action, with a focus on completing the releases as soon as possible.

Members also supported prioritising diesel stock releases where possible, citing continued tightness in diesel markets.

Around 325 million barrels of oil have so far been released under the March action, with some countries exceeding their initial commitments.

A further 100 million barrels could reach markets if all outstanding pledged stocks are released.

Participants praised the IEA’s response to the energy impacts of the Strait of Hormuz crisis and reaffirmed their commitment to implementing the March agreement.

They also welcomed a recent G7 statement on global energy security and market stability, including support for the free flow of energy trade.

IEA members still hold about 1.1 billion barrels of publicly controlled emergency oil stocks, including more than 200 million barrels of diesel.

The agency said it remains prepared to release additional reserves if required.

The IEA Secretariat will continue monitoring implementation and market conditions with member governments.

The situation will be reviewed at the next IEA Governing Board meeting scheduled for next week. -OGN/TradeArabia News Service