High fuel prices: IEA wants to release oil reserves more quickly

Paris. In view of the high fuel prices, the International Energy Agency (IEA) wants to release emergency oil reserves more quickly, as requested by Germany and the other G7 countries. In view of the tense situation on the diesel markets, priority should be given to releasing diesel, the IEA announced after a board meeting in Paris. Specifically, the aim is to accelerate the release of oil reserves, which was decided in March in response to the Iran war, and to complete it as soon as possible.

The IEA had decided to release a record amount of 400 million barrels of crude oil from strategic oil reserves. However, only around 330 million barrels of this have actually flowed so far, the IEA said. However, some countries have already released larger quantities than they had originally promised. The release of the outstanding stocks promised in March will now bring around 100 million barrels onto the market, including 20 million barrels of diesel.

This corresponds to the amount requested by the G7. The G7, which includes Germany, France, Great Britain, Italy, the USA, Japan and Canada, demanded at the beginning of October that 100 million barrels of crude oil be released immediately and over four months. The measure is intended to reduce fuel prices.