IEA Accelerates Emergency Oil Release Including Over 20 Million Barrels of Diesel

The International Energy Agency agreed to speed up remaining emergency oil stock releases, pledging over 20 million barrels of diesel to counter tight fuel supplies. European gasoil prices edged higher following the move, as traders had anticipated up to 50 million barrels. The decision follows calls by IEA leadership to address distillate bottlenecks caused by Middle East disruptions and the Russia-Ukraine war. Under the March 2026 collective action, about 330 million barrels have been delivered out of a pledged 400 million, with total releases now projected to exceed the original target.