IEA urges members to accelerate diesel releases amid tightening markets and Middle-East attacks

In a Sunday communiqué, the International Energy Agency asked its members to revisit diesel release strategies after the market tightened further. Fatih Birol noted that countries which fell short of the volumes pledged in March should examine the possibility of expediting the balance, with diesel given priority. All members were invited to evaluate the need for additional drawdowns from stockpiles and to detail the amounts and schedules they could offer.

The agency also referenced renewed attacks on civilian and energy infrastructure in Saudi Arabia, including the recent strike on Riyadh’s international airport. These market pressures coincide with soaring diesel prices, a result of disrupted Middle-East fuel shipments, Ukrainian drone strikes that have reduced Russian refining capacity, and Russia’s summer ban on diesel exports. Analysts cited by the agency warned that the price gap between crude oil and diesel remains unusually large, affecting many sectors globally.