Baku:The governments of International Energy Agency (IEA) member countries are accelerating the release of emergency oil reserves, totaling 400 million barrels, as part of a Joint Action plan adopted in March. This decision, announced by IEA Executive Director Fatih Birol following a meeting with member governments, aims for rapid completion of the release process.

According to Azeri-Press news agency, the IEA members have also agreed to prioritize the distribution of diesel reserves to alleviate current market tightness. Meeting participants praised the IEA's efforts to mitigate the impact of the Strait of Hormuz crisis on energy markets and reaffirmed their commitment to fulfilling Joint Action obligations. They highlighted the crucial role of the IEA Secretariat in monitoring the initiative and updating market analyses.

Additionally, the participants endorsed a recent statement from G7 leaders on energy security and market stability, which underscored the significance of maintaining free energy trade.

Fatih Birol reported that approximately 325 million barrels of oil have been released under the March Joint Action, with some countries surpassing their initial commitments. The potential full release of remaining reserves could inject an additional 100 million barrels into the market.

Presently, IEA member countries hold about 1.1 billion barrels in government-owned emergency oil reserves, with over 200 million barrels comprising diesel. Birol emphasized the IEA's readiness to release more reserves if required. The IEA Secretariat will continue collaborating with member governments to ensure effective implementation of the Joint Action.