The International Energy Agency says member countries have released about 325 million barrels of oil from strategic reserves, more than 80 per cent of the 400 million barrels pledged in March. The IEA gave the update on October 3.

The March 11 pledge by the agency’s 32 members was the largest coordinated stock release in its history. It was a response to supply disruptions from the US-Iran war, including Iran’s throttling of ship traffic through the Strait of Hormuz.

A day earlier, G7 leaders agreed at a virtual meeting on October 2 to release another 100 million barrels of crude and diesel over four months. The release will be front-loaded, with a substantial diesel release in the first 20 days, coordinated through the IEA.

IEA chief Fatih Birol said pressure on diesel markets remained acute. Ukrainian attacks on Russian refineries have also tightened fuel supplies. US President Donald Trump said the United States would not impose a diesel export ban, easing one market fear.