The International Energy Agency says about 325 million barrels of oil have been released from strategic reserves. That is more than 80 per cent of the 400 million barrels pledged in March.

IEA Executive Director Fatih Birol shared the update at a virtual G7 leaders’ meeting on October 2. He said the Strait of Hormuz crisis was still hitting energy markets hard, especially for diesel.

The March 11 pledge by the IEA’s 32 members was the largest coordinated stock release in the agency’s history. Member nations have drawn down reserves steadily since then.

At the same meeting, G7 leaders agreed to release up to 100 million more barrels of diesel and crude over the next four months. Diesel gets priority, with a large front-loaded release in the first 20 days.

The pressure comes from two sides. Iran has throttled shipping through Hormuz. Ukrainian strikes on Russian refineries have tightened diesel supply further.

Birol said crude exports from the Middle East have recovered, but refined fuel flows remain severely constrained.