325 million oil barrels released to counter global energy crisis: IEA
Faith Birol underlined that the impact of the Strait of Hormuz crisis on energy markets remains acute, particularly for diesel, while highlighting the IEA's ongoing efforts to support global energy security
The International Energy Agency (IEA) has released around 325 million barrels of oil in response to global energy disruptions caused by the West Asia conflict, accounting for more than 80% of the initial 400 million barrels pledged, according to IEA Executive Director Fatih Birol. Birol emphasized during a G7 Leaders video meeting on energy security and markets that the Strait of Hormuz crisis has particularly affected diesel supplies, leading to severe constraints in the market.
The IEA's collective action, announced in March, has played a crucial role in stabilizing supply chains and assuring markets during these challenging times. Despite crude oil exports from the Middle East recovering, refined-product flows remain constrained, with Ukrainian attacks on Russian refineries further exacerbating the situation for diesel.
G7 leaders are coordinating measures to stabilize near-term energy supplies and enhance longer-term resilience in global energy markets, pledging a coordinated release of 100 million barrels through the IEA to ease surging energy prices and address pressures in refined-product markets.
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