The International Energy Agency said members will release more than 20 million barrels of diesel as fuel prices rise. The move follows pressure from the Trump administration and comes as diesel markets remain tight.
01Summary
- 01IEA members agreed on Thursday to release more than 20 million barrels of diesel as soon as possible.
- 02The agency said the amount is less than one day of global diesel demand, or just over five days of U.S. consumption.
- 03Diesel futures fell more than 1% on Thursday to $4.86.
- 04The average U.S. retail diesel price was $6.32 a gallon on Thursday, more than 70% above the same period last year, according to AAA.
- 05The IEA said 330 million barrels have been released so far under its March oil stockpile pledge, out of 400 million barrels agreed.
02Why it matters
The release may ease some pressure on diesel markets and could help temper prices for transport and industry. It also shows governments are still using strategic fuel stocks to respond to supply shocks.
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