IEA Member governments met last week to discuss the situation in oil markets, with a focus on diesel, and the progress of the major emergency oil stock release announced on 11 March in response to the Hormuz disruptions. In the meeting, governments expressed support for accelerating the emergency oil stock releases with a view to completing them as soon as possible, the IEA's Executive Director Fatih Birol said in a statement. They also supported prioritising the release of diesel stocks, to the extent possible, given the unprecedented tightness seen in diesel markets in recent weeks where the disruptions to supplies through the Strait of Hormuz are being exacerbated by decreases in Russian supply after Ukrainian attacks on Russian oil refineries.
On Sunday, Dr Birol wrote to IEA Member governments suggesting they look to see what more they can do to accelerate and add to their stock releases, with diesel the priority. He noted that the March 2026 Collective Action remains underway and provides a framework for further near-term steps – and that the meeting of the IEA Governing Board this Thursday will provide a valuable opportunity to take stock of these efforts. “As we did in March, I believe we can once again demonstrate the IEA’s capacity to act together in support of energy security and economic stability,” Dr Birol said in his message.
The week before, the IEA's Executive Director took part in a meeting of G7 leaders at the invitation of President Emmanuel Macron of France, which holds the G7 Presidency this year. The discussion focused on global energy market conditions, including the severe pressure on diesel supplies. Leaders taking part included President Donald Trump of the US, Chancellor Friedrich Merz of Germany, Prime Minister Mark Carney of Canada, Prime Minister Giorgia Meloni of Italy, and President Ursula von der Leyen of the European Commission.
Earlier that week, Dr Birol addressed a meeting of EU Energy Ministers in Dublin hosted by Ireland's Minister for Climate, Energy and the Environment Darragh O'Brien under Ireland’s current EU Presidency. Dr Birol emphasised the challenging situation Europe faces across several fuel markets, notably diesel and natural gas, and the importance of close cooperation on energy security.
Read Dr Birol’s statement on last week’s meeting of IEA Member governments and yesterday’s statement on his message about diesel markets.