IEA says it will release 20 million barrels of diesel ‘as soon as possible’ - Global News
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Member states of the International Energy Agency, including Canada, will release 20 million barrels of diesel “as soon as possible” into the global market to ease the pressure on fuel costs, the agency said in a statement.
Crude oil exports through the Strait of Hormuz are slowly recovering after more than half a year of conflict between the United States and Iran but oil prices still face volatility, with the rising cost diesel at the centre of the turbulence. In March, IEA members agreed to release more than 400 million barrels of oil from their emergency reserves to calm oil markets. Canada agreed to release a total of 23.6 million barrels – the third highest volume released by an individual member. On Thursday, the IEA confirmed that over 330 million barrels of emergency reserve oil had been released since March, with another 100 million to go. Of the remaining 100 million barrels, 20 million will be released “as soon as possible,” the agency said. Story continues below advertisement
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