IEA says 325 million barrels of oil from strategic reserves released so far

• IEA member countries have released about 325 million barrels, more than 80% of the 400 million barrels pledged in March.
• The G7 has agreed to release another 100 million barrels of crude and refined products over four months, with diesel releases front-loaded.
• The IEA says refined-product supplies, particularly diesel, remain under severe pressure despite a recovery in Middle Eastern crude exports.

The International Energy Agency (IEA) said Saturday that member countries have released about 325 million barrels of oil and oil products from emergency reserves, representing more than 80% of the 400 million barrels pledged in March.

The March decision was the largest coordinated emergency oil-stock release in the IEA's history. The agency said the move was intended to help address major disruptions to global oil markets linked to the war in the Middle East and severe restrictions on flows through the Strait of Hormuz.

The IEA said the releases have helped fill part of the supply gap and reassure energy markets during what it described as an unprecedented disruption.

The latest figures come a day after G7 countries agreed, in coordination with the IEA, to release 100 million barrels of crude oil and refined petroleum products from emergency reserves.

The release will take place over four months, with a substantial portion of the diesel supply being released during the first 20 days to address immediate shortages.

The G7 has not clarified whether the new 100 million barrels includes the 75 million barrels remaining from the original March commitment or represents an additional release.

IEA Executive Director Fatih Birol said the impact of the Strait of Hormuz crisis remains particularly acute in diesel markets.

While crude oil exports from the Middle East have recovered significantly, refined-product flows remain severely constrained. The IEA also cited disruptions to refinery operations, including Ukrainian attacks on Russian refineries, as an additional factor tightening diesel supplies.

The pressure has contributed to higher fuel prices and increased economic risks, particularly for economies heavily dependent on diesel.

Following the G7 announcement, Birol said oil prices had already fallen by about $5 per barrel, while the IEA prepared to work with member countries on the details of the release. He said additional reserves could be made available if necessary.

IEA members are required to maintain oil stocks equivalent to at least 90 days of net oil imports. The agency said its members held more than 1.2 billion barrels of public emergency oil stocks, alongside about 600 million barrels of industry stocks held under government obligations, before the current emergency measures.

The scale of the latest releases reflects the severity of the disruption facing global energy markets, with governments seeking to maintain fuel supplies while limiting the impact of higher prices on consumers and businesses.