IEA Members Release 325 Million Barrels Of Oil, Seek Faster Stock Drawdowns

Members of the International Energy Agency (IEA) have released about 325 million barrels of oil under a collective action launched in March 2026, with some countries releasing more than they initially pledged, the agency said.

In a statement following a meeting on Wednesday, the Paris-based agency said member governments supported accelerating the remaining stock releases to complete the action as soon as possible.

They also backed prioritising diesel stock releases where possible, citing tightness in diesel markets.

Participants reaffirmed their commitment to completing the March action and expressed support for the IEA’s response to the energy impacts of the Strait of Hormuz crisis.

They stressed the importance of the agency’s continued monitoring of the releases and provision of up-to-date market analysis.

Participants also welcomed a recent statement by G7 leaders on global energy security and market stability, including its emphasis on the free flow of energy trade.

The IEA said its members stood ready to release additional stocks if needed.

The agency’s secretariat will continue working with member governments to monitor implementation of the March action.

Member governments agreed to review the situation at the next scheduled meeting of the IEA Governing Board next week.