IEA to Release 100 Million Barrels of Oil, Diesel First

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Part of composite article US and Russia Strike Diesel Deal as IEA Releases 100 Million Barrels to Cool Global Fuel Prices View full article →
IEA to Release 100 Million Barrels of Oil, Diesel First
The International Energy Agency (IEA) announced that its member countries will release oil from emergency reserves faster than planned. The move completes a commitment made in March. The release will bring about 100 million barrels of oil to the market, according to IEA Executive Director Fatih Birol. Diesel will be prioritized, as supplies remain tight worldwide. The IEA is an international group of oil-consuming nations. Its members hold emergency oil stocks to respond to supply disruptions.