Release equals less than one day of worldwide diesel demand
The International Energy Agency said Thursday its members will release more than 20 million barrels of diesel “as soon as possible” amid surging prices worldwide. The Paris-based organization did not detail a timeline in its announcement.
The planned release equals less than one day of worldwide diesel demand, or just over five days of consumption in the United States.
The move follows a Group of Seven statement on Oct. 2, led by France, that members would release substantial stocks of the fuel over 20 days. The same day, U.S. President Donald Trump said European leaders had agreed to release a “massive amount” of their diesel stocks.
The Paris-based IEA comprises 30 member countries, including the United States and key allies in Europe and Asia. It was created after the Arab oil embargo in the early 1970s and maintains energy security through deployments of oil stockpiles in emergency situations, such as war.
The White House has pressured Europe to release diesel inventories as U.S. prices have soared to record levels. According to AAA, the average price of diesel was $6.32 per gallon, up more than 70% from the year before.