PARIS, Oct 8 — The International Energy Agency’s member countries stand ready to release additional oil from their strategic reserves if necessary and will prioritise diesel fuel due to tight supplies of the fuel, the head of the IEA said Wednesday.
IEA member states still have ample reserves of crude oil and refined products and stand “ready to release more of these stocks to the market if and when required” its director Fatih Birol said in a statement.
G7 countries, in coordination with the IEA, agreed last Friday to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by fallout from the US-Iran war.
While shipments of crude through the Strait of Hormuz have recently picked up, damage to refineries in the region, along with those in Russia, have led to shortages of some refined products like diesel.
