The International Energy Agency (IEA) has confirmed that approximately 330 million barrels of oil have been released under its coordinated response to global supply disruptions, with plans to accelerate the release of around 100 million barrels still outstanding.
The agency said members had committed to completing the remaining releases in a timely manner, taking account of national circumstances, as the Iran war and the Strait of Hormuz crisis continued to strain energy markets.
Its Governing Board reaffirmed its commitment to the March 2026 Collective Action, citing the IEA Secretariat’s latest assessments showing persistent market tightness, particularly in diesel supplies.
The board also expressed readiness to take further measures to address global energy challenges, building on the G7 leaders’ statement of October 2.
According to the agency, some member countries have already released more oil than they initially pledged in March, while others intend to increase their contributions.
These additional commitments will take the total volume of stocks to be released above the original target of 400 million barrels.
The IEA said specific arrangements were already in place to speed up the remaining releases, including making more than 20 million barrels of diesel available as soon as possible.
It also encouraged members with oil production and refining capacity to increase supplies of crude and refined products, with particular emphasis on diesel.
The Governing Board further stressed the importance of maintaining the free flow of energy trade as countries work to ease supply pressures.
The IEA Secretariat will continue monitoring progress towards completion of the collective action and provide updates to G7 leaders and the Governing Board.
Further recommendations will be guided by an updated assessment of oil market conditions, with a particular focus on diesel availability.