International Energy Agency releases 325 million barrels of oil from strategic reserves to ease supply concerns

On October 3, the International Energy Agency (IEA) reported that its member countries had released 325 million barrels of oil from strategic reserves, fulfilling over 80% of the 400 million barrels pledged in March. The release aims to ease global energy supply concerns caused by the US-Iran war and Ukrainian strikes on Russian refineries. A day earlier, G-7 countries agreed to release an additional 100 million barrels of diesel and crude oil over the next four months, with a front-loaded diesel release within 20 days. The G-7 also agreed not to ban diesel exports among themselves.