IEA member governments said on Wednesday they support accelerating
implementation of the oil reserve releases announced in March and aim to
complete deliveries as soon as possible. Citing tight diesel supply, members
also support prioritising diesel releases where conditions allow. Under the
March collective action members have already released about 325 mln barrels,
with some countries exceeding prior pledges. The IEA said if all pledged but not
yet delivered volumes from March were released, roughly another 100 mln barrels
would reach the market — signalling the recent focus on ~100 mln barrels is
chiefly accelerated execution of March commitments, not a new emergency tranche.
IEA members hold about 1.1 bln barrels of government-controlled emergency
stocks, including more than 200 mln barrels of diesel, and stand ready to
release further volumes if market conditions require.
