IEA: 325 million barrels of emergency oil already released, 75 million still pending

The International Energy Agency (IEA) announced on Saturday that its member countries have so far released around 325 million barrels of oil and oil-derivative products from strategic reserves — more than 80 percent of the 400 million barrels pledged under the collective action agreed on 11 March. That leaves roughly 75 million barrels still to be released.

The update followed a day after G7 leaders, acting through a statement from French President Emmanuel Macron's office, agreed in coordination with the IEA to immediately release 100 million barrels of diesel and crude oil. The move came after the United States pressed European allies to tap into their reserves to ease supply worries stemming from the US-Iran war.

The G7 statement did not clarify whether this new 100-million-barrel release overlaps with the outstanding 75 million barrels from the March commitment, or whether it comes in addition to it.

Pressure from Washington

Donald Trump's administration has been pushing allied governments to release diesel reserves in order to curb a surge in diesel prices being felt both in the United States and abroad.

The conflict in the Middle East has tightened diesel supplies, as Iran has restricted shipping through the Strait of Hormuz in response to US and Israeli military strikes. The market has also been affected by Ukraine's strikes on Russian oil refineries, carried out as Kyiv retaliates against Moscow's own attacks.