Key facts
- EU countries will only release further oil and diesel reserves after the IEA assesses energy security risks.
- The G7 agreed to release 100 million barrels of oil and diesel.
- The release will fulfill prior promises made in March, not constitute new supplies.
- France and Germany, holding significant stockpiles, signaled minimal or no additional releases.
- Around 100 million barrels remain to be released under the March agreement.
The European Union will hold off on releasing additional oil and diesel reserves until the International Energy Agency (IEA) provides a clearer assessment of market conditions and potential risks to energy security, according to three diplomats familiar with the matter. This decision follows the Group of Seven's agreement to release 100 million barrels of oil and diesel, a move that will fulfill prior commitments made in March rather than represent new supplies.
Some EU countries had expressed concerns that releasing current stocks could leave them vulnerable in the event of a future supply crisis, particularly given high diesel prices attributed to airstrikes on energy infrastructure in Russia and the Middle East. The IEA confirmed that the G7 commitment would draw from stocks already pledged under a March agreement, of which approximately 100 million barrels remain to be released.
France and Germany, which hold substantial stockpiles, had indicated they would contribute little to no additional supply beyond their existing pledges. The IEA's 32 members, including European, North American, and East Asian countries, have already released 325 million barrels out of the 400 million pledged in March, with some nations releasing more than initially promised. Further details on the G7 release breakdown are expected to be discussed at an upcoming IEA governing board meeting.