IEA to Discuss Proposed Release of Oil and Diesel Reserves

The International Energy Agency (IEA) is set to hold an informal meeting on Wednesday to discuss a proposed release of oil and diesel stocks, according to two EU diplomats. The talks come as record-high diesel prices raise concerns for trucking, agriculture and industries around the world.

The G7 agreed last week to a proposed release of 100 million barrels after US President Donald Trump warned some European countries that the US could restrict diesel exports unless more fuel was made available. The IEA had already agreed in March to release 400 million barrels from strategic reserves, with around 325 million barrels released so far.

The exact volume and share of diesel in the new release remain unclear. The IEA board is expected to make a decision on the details at a meeting scheduled for October 14-15. Germany has said it will participate in releasing the remaining volume agreed in March, while other countries are also considering their contributions.