IEA to meet Wednesday over proposed release of oil, diesel stocks, two EU diplomats say
USO•The IEA governing board will meet Wednesday to discuss a proposed release of oil and diesel stocks, two EU diplomats said. The G7 agreed last week to release 100 million barrels of crude and diesel, while the remaining volumes and scope of the release are unclear.
1. IEA meeting planned
The International Energy Agency’s governing board will hold an informal meeting at 1300 local time Wednesday to discuss a proposed release of oil and diesel stocks, two EU diplomats said. EU representatives had already discussed the proposal that morning.
2. Release scope unclear
The G7 agreed last week to a 100 million barrel release of crude and diesel. It was unclear whether that would release the remaining share of an IEA-coordinated 400-million-barrel release countries committed to in March or add extra volumes. Germany’s economy ministry said it was working on approval of the release and would participate in issuing volumes already set by the IEA in March.
3. Diesel price pressure
A surge in diesel prices has made the fuel, used in trucking, agriculture and industry, a global political and economic concern. The article says wars in Iran and Ukraine have curtailed exports and damaged refineries, helping drive prices higher.
