Published: 12:18, October 16, 2026
IEA agrees to release of outstanding 100m barrels of oil
By Bloomberg
This file photo shows storage tanks for oil products at the port of Barcelona, Spain. (PHOTO/BLOOMBERG)

The International Energy Agency said that member countries agreed to complete the release of 100 million barrels of oil that are still outstanding from an intervention in March aimed at cooling high fuel prices.

The countries will accelerate the distribution of the remaining volumes, including the release of 20 million barrels of diesel “as soon as possible,” the agency said in a statement after a meeting of its governing board on Thursday. They have so far tapped 330 million barrels out of 400 million initially pledged in March.

The US had informally lobbied for an additional release to help quell rising diesel prices, Bloomberg reported earlier. They didn’t make a formal proposal for extra oil at Thursday’s meeting and European officials have expressed skepticism that now would be a good time to release extra barrels, according to people familiar with the matter who asked not to be identified because the talks weren’t public.

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The US Energy Department said further actions “with a focus on diesel are under review and in progress.”

The Trump administration “continues to hold European nations accountable for failing to fulfill their previous commitments to minimize supply disruptions in global energy markets and to help lower energy prices,” the department said in a statement. “Following President Trump’s G7 announcement, all European nations that are members of the IEA have committed to complete their March commitments immediately and release additional barrels.”

The IEA declined to elaborate beyond its statement.

Washington has pressed European nations to do more to cushion the impact of the Iran war and Ukrainian strikes on Russian refineries that are squeezing diesel supplies and driving pump prices to records. Trump has contemplated banning American exports of the fuel, and even announced a supply deal with Moscow.

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The Paris-based IEA said the total amount eventually tapped will exceed the 400 million barrels announced in March because some members released more than they initially agreed.

The 100 million barrel figure likely includes 40 million barrels that the US itself said it would release in September.

Member nations “stated their willingness to take further actions to address challenges in global energy markets,” the statement said.