IEA members back faster oil stock releases and priority for diesel

PARIS — International Energy Agency (IEA) member governments backed speeding up the oil stock releases announced in the March 2026 Collective Action and giving priority to diesel stocks where possible, citing current tightness in diesel markets, the IEA Executive Director said in a statement.

About 325 million barrels of oil have been released so far under the March 2026 action, and some countries have released more than they first pledged, according to the statement. Releasing all stocks that were pledged but not yet released would bring about 100 million barrels to the market.

The statement said member governments still hold publicly held emergency oil stocks equal to around 1.1 billion barrels, including over 200 million barrels of diesel, and that the IEA stands ready to release more "if and when required". Members agreed to continue to assess and review the situation at the next scheduled IEA Governing Board meeting, which will take place next week.