IEA update

The International Energy Agency reports 325 million barrels of oil have been released from strategic reserves, over 80% of the 400 million barrels pledged in March.

G-7 action

G-7 countries, coordinated with the IEA, agreed to release 100 million barrels of diesel and crude oil immediately to ease global energy supply concerns caused by the US-Iran conflict.

US pressure

The US government pressured allies to release diesel reserves amid supply shortages caused by Middle East tensions and Ukrainian strikes on Russian refineries.

Strait of Hormuz

Iran has been throttling ship traffic through the Strait of Hormuz in retaliation for US and Israeli attacks, restricting diesel supplies.

IEA statement

The IEA said in a statement on Oct 3 that 'around 325 million barrels of the IEA collective action announced on March 11 have so far been released, representing over 80% of the 400 million barrels originally pledged in the action'.

“around 325 million barrels of the IEA collective action announced on March 11 have so far been released, representing over 80% of the 400 million barrels originally pledged in the action”

G-7 commitment

G-7 countries agreed to release over the next four months 100 million barrels of oil and oil-derivative products, including a front-loaded substantial diesel release within the first 20 days.