International Energy Agency Reports 325 Million Barrels Released From Strategic Reserves

The International Energy Agency (IEA) announced on Saturday that member nations have released 325 million barrels of oil and its derivatives from strategic reserves. This is part of a larger commitment to release 400 million barrels pledged in March, following the outbreak of the "American-Israeli war on Iran" which began on February 28, 2026. The announcement follows an agreement by G7 leaders to release up to 100 million barrels of diesel and crude oil in coordination with the IEA over the next four months, aiming to ease pressure on global energy markets. It remains unclear if this new 100 million barrel commitment includes the remaining 75 million barrels from the previous pledge or is in addition to it.

Earlier on Friday, G7 leaders had agreed to begin releasing quantities immediately and to refrain from imposing restrictions or bans on fuel exports among themselves. French President Emmanuel Macron stated after talks that the group had agreed to a "coordinated release, through the IEA, of a total of 100 million barrels" over four months. A G7 statement indicated that "significant" quantities of diesel would be released in the coming twenty days, with discussions about potentially releasing additional reserves not ruled out. Macron also noted the agreement among G7 nations not to impose export restrictions on each other.

US President Donald Trump commented on his platform, Truth Social, that Europe had agreed to release a substantial amount of its diesel reserves, with the process set to begin immediately. These measures come amid increasing pressure on global energy markets due to the war and its repercussions in the Strait of Hormuz and the Arabian Gulf. Concerns over fuel supplies have led to sharp fluctuations in oil and derivative prices. The US government had previously urged Europe to draw from its strategic diesel reserves and release them into the market. The European Commission, however, warned that US restrictions on diesel exports to the EU could harm the partnership between the two sides, as EU nations rely heavily on US diesel imports, with the war and energy supply disruptions further straining markets and prices.