IEA members agree to speed up oil reserve release, about 100 million barrels remaining
In short
The International Energy Agency said on October 7 that its member governments agreed to accelerate the oil stock release plan announced in March, which could put about 100 million more barrels on the market if all committed but unreleased reserves are released. Members also agreed to prioritise diesel where conditions allow, citing tight diesel supply. About 325 million barrels have been released so far under the March plan, the statement said.
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The International Energy Agency (IEA) said in a statement on October 7, local time, that its member governments agreed to accelerate implementation of the oil stock release plan announced in March. If all reserves that were committed but not yet released are put on the market, about 100 million more barrels of oil are expected to be released. The statement also said that, in response to tight supply in the diesel market, members agreed to prioritise releasing diesel where conditions allow. [ 1 , 2 , 3 , 4 ]
According to the statement, IEA members have so far released about 325 million barrels under the collective action plan agreed in March, and some countries have released more than they committed. Members still hold about 1.1 billion barrels of public emergency oil stocks, including more than 200 million barrels of diesel, which could be drawn on further if needed to stabilise market supply. [ 1 , 4 ]
Jiemian, citing CCTV News, reported that the IEA said it will keep coordinating with member governments, follow up on implementation of the March collective action, and review the energy market situation again at a governing board meeting next week. [ 4 ]
Why it matters
The statement points to continued tightness in fuel markets, particularly diesel, and to coordinated government action to stabilise supply. According to the statement, IEA members still hold about 1.1 billion barrels of public emergency stocks that could be used if needed.
Key facts
- The IEA issued a statement on October 7 saying member governments agreed to accelerate the stock release plan announced in March. [ 1 , 3 , 4 ]
- If all committed but not yet released reserves reach the market, about 100 million more barrels of oil could be released. [ 1 , 3 , 4 ]
- Citing tight diesel supply, members agreed to prioritise releasing diesel where conditions allow. [ 1 , 3 , 4 ]
- About 325 million barrels have been released so far under the March collective action, and some countries have exceeded their commitments. [ 1 , 4 ]
- IEA members still hold about 1.1 billion barrels of public emergency oil stocks, including more than 200 million barrels of diesel. [ 1 , 4 ]
- The IEA said it will review the energy market situation again at a governing board meeting next week. [ 4 ]
Confirmed by several sources
- IEA member governments agreed to accelerate the release of oil reserves under the March plan, with about 100 million barrels still to be released. [ 1 , 2 , 3 , 4 ]
- Members agreed to prioritise diesel releases where conditions allow, citing tight diesel supply. [ 1 , 3 , 4 ]
- About 325 million barrels have been released under the March plan, and members hold about 1.1 billion barrels of public emergency stocks, including more than 200 million barrels of diesel. [ 1 , 4 ]
Still unclear
- The timetable for releasing the remaining roughly 100 million barrels. The documents do not say when the accelerated releases will take place or how they will be shared among countries.
- Which countries have released more than they committed. The statement, as reported, says some countries exceeded their commitments but does not name them.
- The outcome of next week's IEA governing board meeting. Only Jiemian, citing CCTV News, reports the planned meeting; it has not yet taken place.