IEA Governing Board statement on energy markets and security
News
In today’s meeting, the IEA Governing Board reiterated its commitment to international energy security.
The IEA Governing Board noted the IEA Secretariat's most recent assessments, which point to continued tightness in oil markets, notably for diesel. They stated their willingness to take further actions to address challenges in global energy markets, building on the G7 statement of 2 October.
The IEA Governing Board reaffirmed its commitment to continue delivering on the March 2026 Collective Action in response to the Strait of Hormuz crisis.
As part of IEA Members’ current efforts, the Governing Board:
Acknowledged that approximately 330 million barrels have so far been released and agreed to take all necessary steps to complete the remaining releases of around 100 million barrels in a timely manner consistent with national circumstances.
Noted that some IEA Members have released higher volumes than initially pledged in March while other Members intend to do so, making the total amount of stocks to be released exceed the original total of 400 million barrels.
Agreed to accelerate the release of the remaining volumes, with specific plans already in place, including over 20 million barrels of diesel as soon as possible.
Encouraged those IEA Members holding oil production and refining capacities to boost supply of crude and refined products, particularly diesel.
Underlined the importance of the free flow of energy trade.
The IEA Secretariat will continue to monitor progress towards completion of the March 2026 Collective Action, in line with the G7 Leaders’ Statement, and will inform G7 Leaders as requested and the IEA Governing Board on further actions needed, based on an updated oil market assessment, focusing on diesel.