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IEA boosts oil and diesel releases
The International Energy Agency has decided to accelerate the release of oil and diesel stocks to strengthen market supplies, in response to record-high fuel prices and the impacts of the war with Iran and Ukraine, which have disrupted refining operations and tanker movements. This measure comes as a response to the G7's agreement to release 100 million barrels of oil and diesel, aiming to address supply shortages and control prices. It is expected that this move will make around 100 million additional barrels available to the market, following the launch of a program in March to release 400 million barrels to counter the challenges caused by the two conflicts. Members of the International Energy Agency continue to assess these plans during an upcoming meeting, while governments are working to stabilize global fuel markets.
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