After a governing board meeting on Thursday, the IEA said its members will move out the rest of the barrels from the March action intended to cool high prices. To date, 330 million barrels have been deployed from the 400 million first announced. The agency also noted the total release will ultimately be larger than 400 million since some countries supplied more than they initially committed.
The remaining 100 million likely includes 40 million barrels the US said in September it would release. The IEA did not provide further detail beyond its statement.
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Bloomberg previously reported the US had informally urged an additional release to address rising diesel prices, but it did not put forward a formal proposal at Thursday's meeting. People with knowledge of the talks said some European officials wondered if this is the appropriate time to add more barrels, and they requested anonymity since the discussions were not public. The US Energy Department did not immediately comment. At one point, President Donald Trump weighed a prohibition on American exports of the fuel, and he also announced a supply deal with Moscow.
The plan calls for shifting 20 million barrels of diesel at the earliest opportunity for members, at a time when diesel supplies are tight and pump prices are at records. Officials also said members "stated their willingness to take further actions to address challenges in global energy markets." For drivers and small businesses, that sets the backdrop: governments are actively managing supply and debating next steps, and those choices shape what you pay to fill up or ship goods.
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