IEA to meet Wednesday over proposed release of oil, diesel stocks
A surge in diesel prices has turned the fuel, which underpins trucking, agriculture and industry, into a global political and economic concern.
The International Energy Agency (IEA) will convene an informal meeting on Wednesday to deliberate the proposed release of oil and diesel stocks, according to EU diplomats. This discussion follows meetings held by EU nations to explore this potential move. Diesel prices have skyrocketed, impacting sectors like trucking, agriculture, and industry, making it a global political and economic concern.
The conflicts in Iran and Ukraine have limited exports and damaged refineries, contributing to the price surge. In response, the G7 nations agreed to release 100 million barrels of crude and diesel following US President Donald Trump's warning to certain European countries. The G7 comprises the US, UK, Japan, Canada, France, Germany, and Italy.
It remains uncertain whether the G7 agreement will merely release the leftover share of an IEA-coordinated 400-million-barrel release, which was committed in March, or add additional volumes to that. Germany's economy ministry stated it is finalizing the approval process for the reserve release, and will take part in issuing the volumes already decided by the IEA in March, which was the largest emergency stock release ever.
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