IEA Members Agree to Release More Than 20 Million Barrels of Diesel

IEA members plan to begin a diesel drawdown promptly, with the total set above 20 million barrels, as U.S. fuel costs remain elevated.

The planned drawdown would cover under 24 hours of global diesel use and just over five days of U.S. consumption. The agency did not set a date for deliveries to begin.

U.S. retail diesel averaged $6.32 per gallon Thursday, more than 70% above the same period last year, after prices reached record highs in September. The Trump administration had pressed Europe to release diesel inventories as U.S. fuel prices surged.

The Group of Seven nations, led by France, announced Oct. 2 that they would deploy substantial diesel stocks over 20 days but did not disclose a volume.

The IEA has more than 30 members, including the United States and key European and Asian allies. Created in 1974 in the wake of the Arab oil embargo, the agency coordinates stockpile releases to respond to energy supply crises.