The International Energy Agency (IEA) on Thursday agreed to accelerate the release of remaining volumes from its record March 2026 emergency action, including over 20 million barrels of diesel as soon as possible, to help supply and cool soaring prices.
In March, member countries pledged to release more than 400 million barrels of crude and oil products after prices soared. About 330 million barrels have been released so far. The IEA governing board reaffirmed its commitment to the March Collective Action, taken in response to the Strait of Hormuz crisis.
The 20-million-barrel diesel figure is lower than the 50 million barrels considered earlier, according to a source familiar with the discussion. Markets showed some disappointment that no additional barrels were committed: Europe's benchmark gas oil contract ticked higher after the IEA statement, though it remained lower on the day.
Diesel prices have surged to record highs in many markets on disrupted supply from the war in the Middle East and the Russia-Ukraine conflict, posing inflation and cost-of-living threats to governments and consumers. The United States has pressed European Union countries to draw down reserves; Spain said it would release 4.4 million barrels from strategic reserves in October.
Fuel-price shifts matter well beyond Europe: economies that depend on imported fuel, including Pakistan and Afghanistan, feel the impact of diesel and oil price swings directly.