IEA Executive Director Fatih Birol called on any government still short of its March collective-action commitments to pick up the pace on releases, giving diesel priority. He also asked all members - even those that have already delivered - to review whether additional diesel is warranted and to lay out how much and when they would supply it.
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"Current market conditions merit immediate attention and can best be managed through continued cooperation among IEA members," Birol said, pointing to fresh strikes targeting civilians and energy facilities in oil-rich Saudi Arabia. Amid this, the Trump administration warned European countries that a diesel export ban was on the table unless they moved to rein in record prices. This month, the Group of Seven signed off on an emergency option to withdraw as much as 100 million barrels from stockpiles, covering both diesel and crude. European Union countries, however, broadly viewed the G7 step as implementing the March commitments rather than adding fresh volumes.
The IEA's membership stands at 32, spanning the US and numerous European countries. In March, members signed off on drawing 400 million barrels out of emergency oil reserves - a move the agency labeled its biggest release ever - undertaken in response to the Iran war. With the G7 indicating that as much as 100 million barrels could be sourced from inventories of diesel and crude, and the IEA pressing for faster execution plus a review of additional diesel releases, near-term supplies for middle distillates could loosen if governments move. That would flow through to freight and heating costs, which ultimately show up in everyday prices.
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