The International Energy Agency (IEA) agreed to accelerate the release of more than 20 million barrels of diesel from emergency reserves as part of a broader release of oil stocks pledged in March 2026, Reuters reported on October 16.

The decision comes amid supply disruptions linked to the Iran war and the Russia-Ukraine conflict, which have driven diesel prices to record highs in several markets.

The IEA said its 32 member countries had released approximately 330 million barrels of the more than 400 million barrels pledged in March in response to the Strait of Hormuz crisis.

The agency said members would accelerate the release of the remaining volumes, with specific plans already in place, including for diesel.

The announcement follows pressure from US President Donald Trump on European countries to draw down their emergency reserves to curb fuel prices ahead of the November 3 midterm elections. Trump has also threatened a potential ban on US diesel exports.

Earlier in October, European Union governments discussed a French proposal to release 50 million barrels of diesel and 50 million barrels of crude oil through the IEA, according to Reuters.

The IEA said some members had already released more oil than they pledged in March, while others planned to do so.