The head of the International Energy Agency has urged member countries to assess whether they need to release more diesel from their strategic reserves.
In a letter sent to member states and published on Sunday ahead of the IEA’s 15 October meeting, Executive Director Fatih Birol said the current situation required “immediate attention” and could best be managed through co-operation among member countries.
According to an IEA statement summarising the letter, all members, including those that have already met their commitments on oil releases, are being encouraged to consider whether further diesel releases are needed.
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If they judge that to be necessary, they should determine the volume, timing and form of any additional release, the agency said.
The IEA also said countries that have not yet fully delivered on the commitments they made in March should examine whether they can speed up the remaining releases, giving priority to diesel.
In March, the IEA’s 32 member countries pledged to release 400 million barrels of oil to offset supply disruptions linked to the war in the Middle East.
By the end of last week, 325 million of those 400 million barrels had been released.
On 7 October, the IEA said its member countries stood ready to release more strategic oil reserves, including diesel.
Together, the 32 countries hold the equivalent of about 1.1 billion barrels in strategic reserves, including more than 200 million barrels of diesel, the agency said at the time.
