Key facts
- IEA to release over 20 million barrels of diesel.
- Release aims to cool soaring prices and address supply disruptions.
- Total emergency oil releases now exceed 400 million barrels.
- Approximately 330 million barrels have been released so far.
- Spain will release an additional 4.4 million barrels from strategic reserves.
The International Energy Agency (IEA) will release more than 20 million barrels of diesel as soon as possible to help cool soaring prices and address supply disruptions. This move accelerates the rest of its emergency oil draw, bringing total releases to over 400 million barrels, exceeding the amount pledged in March. Approximately 330 million barrels have already been released since the Strait of Hormuz crisis triggered the coordinated stock draw. Spain announced it would release an additional 4.4 million barrels from its strategic reserves in October. The diesel portion of the release disappointed some market participants, with European gasoil prices moving higher following the announcement.