Crude Oil Futures Settle Lower as IEA Speeds Stock Release

Crude oil futures settled lower Wednesday after the International Energy Agency (IEA) agreed to accelerate an oil-stock release and prioritize diesel supplies as refined-product markets remain tight.

The action follows a Group of Seven plan to release 100 million barrels of crude oil and fuel stocks through the IEA over four months. The release begins immediately, with a substantial diesel release scheduled during the first 20 days.

The plan does not specify how the total volume will be divided among crude oil, diesel and other fuel products. It also does not add barrels beyond existing commitments.

The IEA has been monitoring diesel and other refined-product markets. Crude exports from the Middle East have recovered significantly, while refined-product flows remain constrained.

The plan accounts for earlier G7-coordinated oil release commitments as the agency focuses on supplying diesel during the initial phase.