The IEA have confirmed 325 million barrels of oil has been released so far, after pledging a total 400 million.
In a speech at the 2026 G7 Presidency, Executive Director of the IEA Dr Birol explained that despite the ongoing crisis surrounding the Strait of Hormuz, impacts on the energy markets remain minimal, especially for diesel.
With President Trump threatening to cut off US exports and the price of diesel hitting £2 per litre the pressure is on to ensure supplies are secure.
Although crude oil exports have recovered significantly, from the Middle East have recovered significantly Dr Birol claimed that refined-product flows remain “severely constrained” with Ukrainian attacks on Russian refineries intensifying the situation for diesel.
This has resulted in tighter markets and higher prices, which the IEA says is creating a significant economic risks.
During his speech, Dr Birol highlighted the options available to G7 countries to help stabilise near-term energy supplies and to strengthen longer-term resilience.
In a joint statement the G7 leaders asked the IEA to take this forward in the coming days and weeks.
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