Uche Cecil Izuora
The International Energy Agency (IEA) is due to have discussions Wednesday, October 7, on plans for an emergency release of as much as 100 MMbbl of diesel and crude inventories pledged by G7 leaders last week, according to people familiar with the matter.
The IEA’s Governing Board will have an initial discussion about the releases to establish more clarity on how to take the process forward, the people said. It’s not clear whether any decisions will be taken at this meeting.The board will convene next week for its regularly scheduled quarterly gathering, the people said.
On Wednesday morning, the European Union’s Oil Coordination Group, including the European Commission and member states, is due to meet to coordinate the bloc’s position on the diesel stock release. Following the IEA meeting, the EU’s Energy Union Task force will discuss the release at 4 p.m. Brussels time.
After a G7 meeting on Friday, French President Emmanuel Macron said the release, coordinated by the IEA, will take place over the next four months, with an initial focus on diesel. The deal helped alleviate concerns over U.S. President Donald Trump’s threats to implement a diesel export ban that risked triggering a global supply crunch, with potentially severe economic consequences for Europe and Latin America.
Diesel is crucial for transportation, farming and industry, and prices have surged as the wars in Iran and Ukraine disrupt supplies. The soaring cost has become a political concern for Trump ahead of November’s U.S. midterm elections