Ahead of the IEA Governing Board meeting on 15 October, IEA Executive Director Fatih Birol has written to IEA Member governments on the subject of tightening global diesel markets. In the message, Dr Birol outlines how current market conditions merit immediate attention and can best be managed through continued cooperation among IEA Members. He notes that the March 2026 Collective Action remains underway and provides a framework for further near-term steps. The Executive Director also notes the renewed attacks on civilian and energy infrastructure in Saudi Arabia, including the tragic attacks on the international airport in Riyadh.
Given the current context in global diesel markets, Dr Birol suggests that all IEA Members consider the following actions:
Members that have not yet fully delivered the volumes pledged under the March Collective Action look to see if they are able to accelerate the remaining releases to fulfil this prior commitment, prioritising diesel. As we discussed last Wednesday, some Members have already released greater volumes than they initially pledged in March.
Taking account of the IEA's diesel market assessment and G7 Leaders' statement, all Members, including those that have completed their pledged releases, are encouraged to assess whether additional diesel releases are necessary, and, where they consider such releases appropriate, to set out their scale, timing and supplemental nature.
The Executive Director notes that the meeting of the IEA Governing Board on 15 October 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," he adds.
