The global diesel market has come under pressure – the IEA calls on countries to urgently use their reserves
Kyiv • UNN
The IEA called for the accelerated release of diesel from strategic reserves due to a reduction in global supply. Countries are advised to consider new shipments.
The International Energy Agency (IEA) called on member countries to accelerate the release of diesel fuel from strategic reserves due to a reduction in supply on the global market. States are also advised to consider additional deliveries to contain the shortage. Bloomberg reports, UNN writes.
Details
IEA Executive Director Fatih Birol appealed to governments that have not yet fully fulfilled their March commitments to release oil stocks. He urged them to accelerate the process, prioritizing diesel fuel specifically.
The World Bank is negotiating with 30–40 countries on crisis assistance11.10.26, 09:33 • 4252 views
For countries that have already fulfilled their commitments, the agency proposes assessing the need for new releases from reserves and determining their possible volumes and timing.
Why the IEA is calling for urgent action
Current market conditions deserve immediate attention, and the best way to manage them is through continued cooperation among IEA members
The worsening situation in the fuel market is linked, in particular, to the resumption of attacks on civilian and energy infrastructure in Saudi Arabia. Earlier, the G7 countries agreed to an emergency release of up to 100 million barrels of diesel fuel and crude oil.
It will be recalled that in March, 32 IEA member countries agreed to release 400 million barrels of oil from emergency reserves because of the war with Iran. This was the largest such decision in the agency's history. The new calls came ahead of a meeting of the IEA's governing body scheduled for October 15.