IEA to meet Wednesday over proposed oil and diesel release, EU diplomats say
- The International Energy Agency will hold an informal board meeting on Wednesday to discuss a proposed release of 100 million barrels of crude oil and diesel stocks, diplomats...
- The Paris-based IEA governing board scheduled its informal session for 1300 local time, two European Union diplomats said.
- The Group of 7 countries agreed to the 100 million barrel release following pressure from Washington over soaring pump prices.
The International Energy Agency will hold an informal board meeting on Wednesday to discuss a proposed release of 100 million barrels of crude oil and diesel stocks, diplomats in Brussels told Reuters. The emergency measure follows warnings from United States President Donald Trump that Washington would ban diesel exports if European nations failed to place more fuel into the market.
Diplomats Gather in Brussels for Informal IEA Board Talks
The Paris-based IEA governing board scheduled its informal session for 1300 local time, two European Union diplomats said. Representatives of EU member nations met on Wednesday morning ahead of the wider board discussions to review the proposal, according to the diplomats.
The Group of 7 countries agreed to the 100 million barrel release following pressure from Washington over soaring pump prices. The G7 includes the United States, United Kingdom, Japan, and Canada, alongside European Union members France, Germany, and Italy, as reported by Reuters.
Record Diesel Prices Strain European Trucking and Agriculture
Twelve European Union countries recorded fresh all-time high prices for diesel as supply disruptions pushed the bloc’s average pump price to €2.24 per litre, according to European Commission data published by Euronews. This compares with an average of €1.59 per litre before the conflict in the Middle East began.
The price surge has driven up costs for road freight transport and farming machinery across the continent.
Average diesel prices exceeded €2.50 per litre in Denmark, the Netherlands, and Finland, and reached €2.44 in Germany, European Commission figures show. In Belgium, prices averaged €2.43 per litre, while Italy recorded €2.35 per litre.
Previous Stockpiles and Unclear Volumes Shape the Debate
The new G7 plan follows a 400 million barrel release agreed to by the IEA in March. The IEA stated that about 325 million barrels have been released under that initial agreement.
Details regarding the exact volume, timeline, and composition of the new 100 million barrel proposal remain unclear. The G7 agreed to coordinate the release over four months, featuring a frontloaded release of diesel within the first 20 days by members and partners, though specific allocations for crude versus refined products were not detailed.
Germany’s economy ministry stated that it is working on approval to release energy reserves, noting that Germany will participate in the further release of the volume already determined by the IEA in March,
without citing any new national volume.
IEA Board to Decide Details at October 14 to 15 Meeting
While Wednesday’s informal meeting addresses the framework of the proposed release, two people close to the matter told Reuters that the IEA’s governing board is expected to formally decide the specific details during its scheduled board meeting on October 14 and 15.