IEA: 325 Million Barrels Released From Strategic Reserves
Of the 400 million barrels pledged on March 11, about 325 million have reached the market. G7 announced another 100 million a day earlier, without saying whether the remaining 75 million count.
The International Energy Agency (IEA) said on Saturday, October 3, that about 325 million barrels of oil and oil products have so far been released from the strategic reserves of its member countries. Of the 400 million barrels pledged in the joint action announced on March 11, 2026, that is just over 81%, leaving 75 million barrels to reach the full commitment.
What exactly did the agency say?
In its statement, the agency said:
“About 325 million barrels from the IEA collective action announced on March 11 have been released so far, representing over 80% of the 400 million barrels originally pledged in that action.”
All 32 member countries of the IEA took on the commitment in March, including all seven G7 nations. Tanjug, citing Le Figaro, reports that almost one sixth of the agency’s members’ strategic oil reserves has now been used.
Is the new 100 million barrels a separate package?
The IEA statement came a day after the G7 decision. On Friday, October 2, the leaders of the seven countries agreed, in coordination with the agency, to release 100 million barrels of diesel and crude oil over the next four months, with “substantial diesel released in the first 20 days,” according to the office of French President Emmanuel Macron.
Sources differ on one key point:
- Euronews and RTE report that the G7 did not say whether the 100 million includes the remaining 75 million from the March package or comes on top of it
- Tanjug, citing Le Figaro, says it is unclear whether the new volume counts the remaining 75 million or whether the total commitment rises to 500 million barrels
Until there is an answer, only what is confirmed can be added up: the 75 million barrels from March have not yet reached the market.
Why are Europe and America pressing each other?
The sources cite Iran’s restrictions on shipping through the Strait of Hormuz and Ukrainian strikes on Russian refineries as the reasons for pressure on supply. Diesel is hit hardest. US Treasury Secretary Scott Bessent wrote on X on Thursday, in a translation carried by Telegraf Biznis:
“American farmers, truckers and companies should not bear the burden of a global diesel shortage. America is doing its part. We expect our allies to turn their commitments into action.”
According to Telegraf Biznis, Washington is also weighing a 90 day ban on diesel exports ahead of the November congressional elections. The G7 agreed on Friday that there would be no diesel export bans among its members, easing a threat that Donald Trump later withdrew himself.
On Friday, after a meeting of the Energy Union Working Group, the European Commission said diesel supply in the EU is stable for now, but prices are high because the global market is tight. According to a Reuters source cited by Telegraf Biznis, a French proposal was under discussion for European countries to release 50 million barrels of diesel and for IEA members to release another 50 million barrels of crude oil. European Energy Commissioner Dan Jorgensen told Euronews, in Telegraf Biznis’s translation:
“We have used it before and we probably will again.”
What does it mean for pump prices?
In the United Kingdom, the average price of diesel has reached 2 pounds per liter (about 2.35 euros), which is 40.5% more than at the end of February, just before the war began, according to figures from the British motoring association RAC reported by The Guardian and passed on by Telegraf Biznis. A full tank for an average family diesel car costs about 110 pounds (129.36 euros), almost 32 pounds more than before the war.
Britain gets about 30% of its diesel imports from the US, and its reserves cover about 42 days, according to the same source. The next checkpoint is the delivery of the diesel from the first 20 days of the G7 decision, since that will show whether pump prices move.
