Over 80% of emergency oil release already delivered, says International Energy Agency - Anadolu Ajansı

More than 80% of the emergency oil stocks pledged by International Energy Agency (IEA) members in March have already been released, the head of the agency said Friday.

"Around 325 million barrels of the IEA collective action announced on 11 March have so far been released," Executive Director Fatih Birol told G7 leaders, according to an agency statement.

Birol said this represented more than 80% of the 400 million barrels originally pledged.

Energy markets continued to face significant pressure from the Strait of Hormuz crisis, particularly in diesel supplies, Birol said.

Ukrainian attacks on Russian refineries added further pressure to diesel markets, tightening supplies and pushing up prices, according to the agency statement.

In March, the IEA agreed to release 400 million barrels from emergency reserves to offset Middle East war-related supply disruptions, which it described as the largest coordinated release in its history.

On Friday, G7 countries agreed to release 100 million barrels of oil and fuel from emergency reserves through the agency over a four-month period.

A substantial share of diesel is expected to be released during the first 20 days of the action, according to a statement issued after a virtual meeting of the group's leaders.

The G7 also agreed to coordinate refinery maintenance and refrain from imposing energy export restrictions among member countries.

G7 leaders also asked the IEA to monitor implementation of the new measures and report on their impact within 20 days.