The International Energy Agency (IEA) announced that member countries have agreed to accelerate the release of 100 million outstanding oil barrels from a March intervention aimed at curbing high fuel prices. This includes 20 million barrels of diesel to be released as soon as possible. So far, 330 million of the initially pledged 400 million barrels have been distributed.
The US had informally pushed for additional releases to address rising diesel prices, though no formal proposal was made at Thursday’s governing board meeting. European officials expressed skepticism about further releases. The IEA noted that total tapped volumes may exceed 400 million barrels, as some members released more than agreed.
The 100 million figure includes 40 million barrels the US planned to release in September. Member nations affirmed their willingness to take further actions to stabilize global energy markets.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing