Accra:G7 Leaders More than 80% of the emergency oil stocks pledged by International Energy Agency (IEA) members in March have already been released, according to the head of the agency.

According to Anadolu Agency, Executive Director Fatih Birol informed G7 leaders that approximately 325 million barrels of the IEA's collective action announced on March 11 have been released, which accounts for over 80% of the 400 million barrels initially pledged.

The energy markets continue to experience significant pressure due to the Strait of Hormuz crisis, particularly affecting diesel supplies. Ukrainian attacks on Russian refineries have further strained the diesel markets, tightening supplies and escalating prices.

In March, the IEA's agreement to release 400 million barrels from emergency reserves was aimed at countering Middle East war-related supply disruptions, marking the largest coordinated release in its history.

On Friday, G7 countries consented to release 100 million barrels of oil and fuel from emergency reserves over a four-month span. A substantial amount of diesel is anticipated to be released in the initial 20 days of this action.

Moreover, the G7 agreed to synchronize refinery maintenance and avoid energy export restrictions among member countries. They have also tasked the IEA with monitoring the implementation of these measures and reporting their impact within 20 days.