IEA Releases 325m Barrels of Emergency Oil as G7 Adds 100m More
The IEA emergency oil release has passed 325 million barrels, the International Energy Agency said on Saturday, as member countries work through a 400-million-barrel pledge made in March to steady global fuel supplies.
The update came a day after G7 countries, working with the IEA, agreed to release another 100 million barrels of diesel and crude oil over the next four months. It was not clear whether that 100 million barrels counts the 75 million still outstanding from the March pledge or sits on top of it.
IEA emergency oil release: key numbers
| Measure | Volume |
|---|---|
| March IEA pledge | 400m barrels |
| Released so far | 325m barrels, over 80 per cent |
| New G7 release | 100m barrels over four months |
| Frontloaded diesel | Within the first 20 days |
| Still outstanding from March | 75m barrels |
Diesel crunch drives the decision
The releases aim to ease global energy supply worries stemming from the US-Iran war. Restricted diesel supplies are one consequence of the conflict in the Middle East, where Iran has been throttling ship traffic through the Strait of Hormuz in retaliation for US and Israeli attacks.
Ukrainian strikes on Russian refineries, part of the fightback against Moscow’s attacks, have also hit the market. US President Donald Trump has been pressing allies to release diesel reserves as prices for the fuel spike in America and elsewhere.
At a rally in Mobile, Alabama, on Friday, Trump said the US would soon refill its strategic petroleum reserves. “We’re going to be filling up very shortly our strategic reserves, for nothing,” he said, offering no details.
G7 rules out diesel export ban
The G7 said the 100-million-barrel release would include “a frontloaded substantial diesel release within the first 20 days”. The group also agreed there would be no ban on diesel exports between its members, heading off a threat Washington had raised and which Trump later said would not be carried out.
The IEA said in a statement on Saturday that “around 325 million barrels of the IEA collective action announced on March 11 have so far been released, representing over 80 per cent of the 400 million barrels originally pledged in the action”. The pledge came from the agency’s 32 member countries, a group that includes all G7 nations: Britain, Canada, Germany, Italy, Japan and the US.
Why it matters for Pakistan
Pakistan imports most of its petroleum, so global crude and diesel prices feed directly into domestic petrol and diesel prices. A steady flow of emergency supplies should help cap the spikes that push up fuel costs at home, though the effect depends on how much of the pledged oil actually reaches the market and how the Middle East conflict develops.
Frequently asked questions
How much emergency oil has the IEA released?
Around 325 million barrels of oil and oil-derivative products, more than 80 per cent of the 400 million barrels pledged by 32 member countries in March.
What did the G7 agree on Friday?
G7 countries will release 100 million barrels of diesel and crude over four months, with a large diesel tranche in the first 20 days, and will not ban diesel exports between themselves.
Why are diesel supplies tight?
The US-Iran war has disrupted shipping through the Strait of Hormuz, Ukrainian strikes have hit Russian refineries, and demand pressure has pushed diesel prices up in America and elsewhere.
