International Energy Agency agrees to accelerate the release of oil reserves to increase market supply

China News Service, Beijing, October 16. Comprehensive news: The International Energy Agency (IEA) agreed on the 15th to accelerate the release of more than 20 million barrels of diesel to the market, as well as other oil that has not yet been released from the emergency oil reserves promised to be released in March this year, in order to increase market supply and curb soaring oil prices.

According to the official website of the International Energy Agency, the International Energy Agency Board of Governors held a meeting on the 15th. The statement after the meeting stated that the International Energy Agency reaffirmed its commitment to international energy security and will continue to implement the collective actions taken in March 2026 to respond to the crisis in the Strait of Hormuz.

The statement pointed out that IEA member countries have released approximately 330 million barrels of crude oil so far. Each member state agrees to take all necessary measures to complete the release of remaining reserves in a timely manner based on its actual situation.

In addition, member states have agreed to speed up the delivery of remaining cargoes, and specific plans have been formulated, including delivering more than 20 million barrels of diesel as soon as possible.

In March this year, the International Energy Agency announced that 32 member states had unanimously agreed to release 400 million barrels of strategic oil reserves in response to the tight global oil supply caused by the US and Israeli military strikes on Iran. (over)