IEA accelerates oil stock release, plans over 20 mil barrels of diesel

International Energy Agency members will accelerate the release of emergency oil stocks, including more than 20 million barrels of diesel, as tight supplies continue to strain global fuel markets.

The IEA Governing Board said Oct. 15 that about 330 million barrels had been released under its March 2026 Collective Action, and members would take steps to complete the remaining releases of approximately 100 million barrels.

Some members have released more barrels than initially pledged, while others intend to do so, meaning the ultimate draw will exceed the original 400 million-barrel commitment, the agency said.

Specific plans are already in place to release more than 20 million barrels of diesel "as soon as possible," according to the IEA. The agency did not detail the timing or geographical distribution of the diesel release.

The IEA also encouraged members with oil production and refining capacity to increase supplies of crude and refined products, particularly diesel, while stressing the importance of maintaining the free flow of energy trade.

The decision follows an Oct. 2 agreement under which G7 leaders set a four-month deadline for releasing the outstanding 100 million barrels pledged in March, as previously reported by Platts, part of S&P Global Energy. The G7 called for a substantial diesel release to be frontloaded within 20 days and pledged to avoid energy export restrictions among members.

The IEA's March collective action, launched in response to the effective closure of the Strait of Hormuz, was the largest coordinated stock release in its history. Deliveries had reached 300 million barrels by August, including 110 million barrels from the Americas, 112 million barrels from Asia-Oceania, and 68 million barrels from Europe, Platts previously reported.

Out of 331 million barrels released, about 240 million barrels were state inventories, while 91 million had been released from obligated industry stocks, according to the latest IEA Oil Market report.

Only 8 million barrels were released in September, marking a significant decline in emergency stock releases in recent months, according to the report.

Platts assessed the benchmark European diesel price, ULSD 10ppmS CIF NWE Cargo, at $1,471.75/metric ton Oct.15, down from a peak of $1,642.25/mt assessed on Sept. 15.

The Dated Brent was assessed at $125.975/barrel on Oct.15, down from a peak of $144.42/b on April 7.