IEA to meet Wednesday over proposed release of oil, diesel stocks, two EU diplomats say

The International Energy Agency's governing board will convene an informal session on Wednesday to address proposals for releasing oil and diesel reserves, according to two European Union diplomats. The EU officials had previously deliberated on the matter during a meeting on Wednesday morning. Rising diesel prices have transformed the fuel, essential for trucking, agriculture, and industry, into a global political and economic issue.

The conflicts in Iran and Ukraine have limited exports and damaged refineries, contributing to the price surge.

In response to the escalating crisis, the Group of Seven nations agreed last week to release 100 million barrels of crude and diesel. The G7 comprises the United States, United Kingdom, Japan, Canada, France, Germany, and Italy. It remains uncertain whether the G7's agreement will solely release the remaining portion of an International Energy Agency-coordinated 400-million-barrel release, which countries committed to in March, or if additional volumes will be added.

Germany's economy ministry stated that they are working on approving the release of energy reserves and will participate in the issuance of volumes as set by the IEA in March. March's release, prompted by the Iran war, was the largest emergency stock release ever.