Ankara:Member governments of the International Energy Agency (IEA) have agreed to expedite the release of oil stocks, emphasizing the prioritization of diesel supplies due to rising prices and tight market conditions, according to Executive Director Fatih Birol.

According to Anadolu Agency, Birol stated that, following a meeting of member governments, there was a consensus to complete the oil stock releases promised under the March collective action plan as soon as possible. The focus will be on prioritizing diesel stock releases wherever feasible, given the current market tightness.

To date, approximately 325 million barrels have been released under the March agreement, with some countries exceeding their initial commitments. Completing all remaining stock releases under this plan would contribute an additional 100 million barrels to the market.

Meeting participants reiterated their commitment to fulfilling these pledges and acknowledged the IEA's efforts in addressing the energy impacts of the Strait of Hormuz crisis. They highlighted the agency's role in overseeing implementation and providing market analysis updates.

Additionally, participants welcomed a statement from G7 leaders on global energy security and market stability, emphasizing the free flow of energy trade. The Group of Seven countries recently agreed to release 100 million barrels over the next four months to mitigate rising oil prices, amid pressure from US President Donald Trump.

IEA member governments currently hold around 1.1 billion barrels of publicly held emergency oil stocks, including over 200 million barrels of diesel. Birol noted that the IEA is prepared to release more stocks if necessary and will continue collaborating with member governments to monitor the releases. The situation will be reassessed at the next IEA Governing Board meeting.

The largest emergency stock release in response to the Iran war occurred in March, involving 400 million barrels, coordinated by the IEA. Trump's efforts to lower fuel prices are in anticipation of the November midterm elections, aiming to alleviate the effects of the Iran war and high fuel costs on consumers and industries.