Symbolic imageIEA speeds up oil stock release beyond 400 million barrels
The IEA will accelerate the release of its remaining emergency oil stocks, taking the total past the 400 million barrels pledged in March. Bloomberg reports that Washington told members it is unhappy.
After a governing board meeting in Paris on Thursday, 15 October, the IEA said members have released about 330 million barrels so far. The remaining roughly 100 million, including more than 20 million barrels of diesel, are to follow as soon as possible. Some members have released more than they pledged in March, at the start of the war with Iran, so the total will exceed that figure. The decision meets a G7 demand from early October for 100 million barrels over four months. The IEA also urged members with production and refining capacity to raise crude and diesel supply.
Diesel to stay tight
The IEA warned that global diesel supply will stay constrained well into 2027. It says Russia's eased diesel exports will change little, since Ukrainian drone strikes have left refining capacity short. Members still hold about 1.1 billion barrels of public stocks, over 200 million of them diesel, and the IEA is ready to release more.
Prices and national shares
France expects diesel to become 12 to 18 cents cheaper per litre and contributes 10 million barrels over three months, according to Handelsblatt. Per The National, Brent rose 0.15 per cent to $106.20 and WTI 3.28 per cent to $98.21 after the announcement.
Washington voices unhappiness
Bloomberg reports that the US told IEA members it is unhappy with the emergency release; its details were not available to us. Handelsblatt says Trump had announced a review of a diesel export stop and Treasury Secretary Scott Bessent had demanded more European supply, a threat that fell away after the G7 response.