The governments of International Energy Agency (IEA) member countries have supported accelerating the release of emergency oil reserves (400 million barrels – ed.) announced under the Joint Action adopted in March, with the aim of completing the process as soon as possible, IEA Executive Director Fatih Birol said regarding a meeting held with the governments of IEA member countries on October 7, 2026, APA-Economics reports.
According to him, IEA members also supported prioritizing the release of diesel reserves to the market wherever possible, amid the current tightness in the diesel market.
Meeting participants highly appreciated the measures taken by the IEA to address the impact of the crisis in the Strait of Hormuz on energy markets. They emphasized their commitment to fulfilling the obligations undertaken under the Joint Action adopted in March and noted the important role of the IEA Secretariat in monitoring the implementation of the measure and updating market analyses.
In addition, participants welcomed the recent statement by G7 leaders on energy security and market stability. The statement also emphasized the importance of the free flow of energy trade.
According to Fatih Birol, approximately 325 million barrels of oil have been released to the market so far under the Joint Action adopted in March 2026. Some countries have released larger volumes of oil reserves than their initial commitments.
He noted that the full release of all reserves committed under the Joint Action adopted in March but not yet brought to the market could add approximately 100 million barrels of oil to the market.
Currently, government-owned emergency oil reserves in IEA member countries amount to approximately 1.1 billion barrels. More than 200 million barrels of these reserves consist of diesel.
"The IEA stands ready to release a larger portion of these reserves to the market if necessary," Fatih Birol said.
The IEA Secretariat will continue cooperating with member governments to monitor the implementation of the Joint Action adopted in March.
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