Pressure from the USA to IEA members: Emergency oil reserve plans are insufficient

According to Bloomberg, the United States has told its allies at the International Energy Agency (IEA) that current plans to make emergency oil reserves available are insufficient to alleviate rising fuel prices.

Stating that US officials attending the IEA meeting held in Paris on Thursday have not yet submitted an official proposal on what should be done, the sources, requesting anonymity due to the confidentiality of the issue, stated that the US is unofficially lobbying for an additional commitment of at least 100 million barrels.

In March, the IEA had organized the release of 400 million barrels of oil and fuel; However, some governments kept their stocks, arguing that these reserves were not needed. Earlier this month, members of the Group of Seven Countries (G7) agreed to make up to 100 million barrels of reserves available. However, EU officials stated that this amount only represents the part of the decision agreed upon in March that has not yet been released. The USA demands more than this.

Crisis caused by war and rising fuel prices

Thursday's critical meeting comes at a time when conflicts in the Middle East and Russia are squeezing supplies of the industry's primary fuel and pushing prices at the pump to record levels.

Rising prices had prompted US President Donald Trump to consider banning diesel exports and even announce a supply agreement with Russian Leader Vladimir Putin.