At today's meeting, IEA Member governments expressed support for accelerating the oil stock releases announced in the Collective Action of March 2026 with a view to completing them as soon as possible. IEA Members also supported the prioritisation of the release of diesel stocks, to the extent possible, given the current tightness in diesel markets.
Participants in the meeting expressed strong appreciation for the IEA's response to the energy impacts of the Strait of Hormuz crisis. They emphasised their commitment to delivering on the March 2026 Collective Action and the importance of the IEA Secretariat's role in continuing to monitor progress towards the completion of the action and providing up-to-date market analysis. Participants welcomed the recent statement by G7 Leaders on global energy security and market stability, including its emphasis on the importance of free flow of energy trade.
To date, approximately 325 million barrels of oil have been released under the March 2026 Collective Action, with some countries having released greater volumes than they initially pledged. The full release of all the stocks that had been pledged but have not yet been released from the March 2026 Collective Action would bring approximately 100 million barrels to the market.
IEA Member governments still have significant levels of publicly held emergency oil stocks - equivalent to around 1.1 billion barrels, including over 200 million barrels of diesel. The IEA stands ready to release more of these stocks to the market if and when required.
The IEA Secretariat will continue to work closely with Member governments to monitor the ongoing implementation of the March 2026 Collective Action. IEA Member governments agreed to continue to assess and review the situation at the next scheduled meeting of the IEA Governing Board, which will take place next week.
