IEA releases 20 million barrels to ease diesel crisis
The International Energy Agency (IEA) has reached an agreement to release more than 20 million barrels of diesel from emergency reserves in an effort to curb rising diesel prices in global markets.
The 32-member organization will also accelerate the release of remaining volumes from the more than 400 million barrels of oil and petroleum product reserves approved for release in March. The new measures aim to increase energy supplies and ease pressure on fuel prices.
Supply disruptions caused by the war in Iran and the Russia-Ukraine conflict have pushed diesel prices to record levels in several countries, increasing inflation risks. Ahead of the November 3 midterm elections, US President Donald Trump urged European Union countries to tap their strategic reserves, warning that the United States could otherwise ban diesel exports. The IEA stated that its coordinated response to the Strait of Hormuz crisis would continue, with additional diesel supplies expected to reach the market as soon as possible.
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