Fuel tanks are running out quickly: UEA orders 32 countries to 'open reserves'

The International Energy Agency (IAA) called on 32 member countries to make emergency oil stocks available more quickly due to the increasing supply shortage in the global diesel market. UEA President Fatih Birol asked countries that have not yet completed their reserve release commitments agreed in March to accelerate the process.

PRIORITY IS IN DIESEL SUPPLY

Birol stated that countries that have not yet released their reserves to the market should especially prioritize diesel supply. He requested countries that have completed their commitments to evaluate whether additional diesel emissions are needed, the possible amount and timing.

The call, which came before UEA's board of directors meeting to be held on October 15, was made at a time when concerns about supply security in the global diesel market were increasing.

G7 COUNTRIES AGREED TO RELEASE UP TO 100 MILLION BARRES

After the USA threatened to impose an export ban on European countries that did not take sufficient steps to combat diesel prices, G7 countries agreed to release up to 100 million barrels of crude oil and diesel from emergency stocks.

European Union countries, on the other hand, state that this step means the implementation of the decisions taken in March rather than a new reserve commitment.

THE BIGGEST RESERVE RELEASE DECISION IN HISTORY

32 member countries of the IEA decided to release 400 million barrels of emergency oil reserves in March due to the war that started in the region following the attacks of the USA and Israel against Iran. This amount was the largest reserve release decision in the agency's history.

EYES ON THE 15 OCTOBER MEETING

The renewed increase in attacks on oil and energy infrastructure in Saudi Arabia has increased concerns about global supply security.

At UEA's board of directors meeting on October 15, it is expected to accelerate existing reserve emission commitments and evaluate whether additional diesel emission is needed.