IEA members release 325 million barrels of oil reserves

Member countries of the International Energy Agency (IEA) have released 325 million barrels of crude oil and refined products from strategic reserves, the agency reported on Saturday, October 3, 2026. The released volume represents more than 80% of the 400 million barrels that member states pledged to make available in March.

The update followed an announcement on Friday, October 2, 2026, by G7 nations to immediately release an additional 100 million barrels of crude oil and diesel in coordination with the IEA. According to the office of French President Emmanuel Macron, this release will occur immediately, with a larger volume distributed over the first 20 days across a four-month period. The G7 did not state whether these 100 million barrels count toward the 75 million barrels remaining from the March pledge or constitute an additional volume.

The emergency measures seek to address fuel supply disruptions stemming from conflicts between the United States and Iran, as well as Russia and Ukraine. In the United Kingdom, diesel prices rose 40% since the start of the war between the US and Iran, reaching 2 pounds per liter (around 14 Brazilian reais) on Friday, October 2, 2026.

The G7 decision came after pressure from US President Donald Trump, who had threatened to reduce American fuel exports if allies did not release strategic reserves. The European Union criticised that threat, warning that cutting US exports would harm international markets.