IEA: “Member countries to release 20 million barrels of diesel promptly” ... “Fell short of market expectations”

[Financial News] The International Energy Agency (IEA) said on the 15th, local time, that its member countries had agreed to release more than 20 million barrels of diesel as soon as possible. According to the IEA, its board, made up of 32 member countries, met that day and made the decision.
In a statement after its meeting that day, the board said, “The board reaffirmed its commitment to continue implementing the collective response agreed in March 2026 to address the crisis in the Strait of Hormuz.”
It added, “With concrete plans already in place, we agreed to bring forward the release of the remaining volumes, including releasing more than 20 million barrels of diesel as quickly as possible.” It also said it had encouraged member countries with oil production and refining capacity to increase supplies of crude oil and refined petroleum products, particularly diesel.
The IEA had previously announced that it would release more than 400 million barrels of crude oil and petroleum products to address energy supply shortages caused by the closure of the Strait of Hormuz following the outbreak of the U.S.-Iran war.
The board put the volume released so far at about 330 million barrels and the remaining volume to be released at about 100 million barrels.
However, energy markets expressed disappointment that the board’s announcement that day contained no news of additional release volumes.
Abhishek Kumar, an analyst at Sparta Commodities, told Reuters, “The IEA’s announcement is a step in the right direction, but the details fell short of market expectations.” He added, “The more than 20 million barrels of diesel slated for release appear to be existing pledged volumes brought forward, rather than new supplies.”
According to the IEA’s monthly oil market report released the previous day, global diesel exports fell by 700,000 barrels per day last month compared with September last year. Exports from Russia and the Middle East, both at war, fell by 1.3 million barrels per day.


[email protected] Lee Seok-woo, International Affairs Specialist Reporter