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The International Energy Agency (IEA) said Saturday that member countries have released about 325 million barrels of oil and oil products from strategic reserves, more than 80% of the 400 million barrels pledged in March.
The update came a day after G7 countries, working with the IEA, agreed to release an additional 100 million barrels of diesel and crude oil to ease global supply concerns linked to the U.S.-Iran war.
The G7 did not clarify whether the 100 million barrels include the remaining 75 million barrels from the March commitment or come on top of that amount.
The IEA said, “around 325 million barrels of the IEA collective action announced on 11 March have so far been released, representing over 80 percent of the 400 million barrels originally pledged in the action.”
The March commitment was made by the IEA’s 32 member countries, including all G7 members: Britain, Canada, France, Germany, Italy, Japan and the U.S.
The G7 agreed Friday to release the 100 million barrels over the next four months, including “a frontloaded substantial diesel release within the first 20 days.”
The countries also said they would not impose bans on diesel exports between G7 members, avoiding a measure that Washington had previously raised and that Trump later said would not be implemented.
The U.S. government under President Donald Trump has been pressing allies to release diesel reserves as prices for the fuel rise in the U.S. and elsewhere.
Restricted diesel supplies are among the consequences of the Middle East war, with Iran limiting ship traffic through the Strait of Hormuz in response to U.S. and Israeli attacks.
Ukrainian strikes on Russian refineries, carried out as part of its response to Moscow’s attacks, have also affected the market.
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