100 million barrels left<\/a> to deliver under the March action, with some countries having released more than their original commitments and others still holding barrels back.<\/p>\nThe diesel portion disappointed the market.<\/p>\n
IEA members had discussed releasing as much as 50 million barrels of diesel as part of a broader 100-million-barrel package of crude and refined products. European gasoil prices moved higher following Thursday\u2019s announcement, with traders apparently hoping for a bigger immediate injection.<\/p>\n
The United States wanted more, too. U.S. officials have pressed other IEA members to make additional emergency barrels available as diesel prices remain near record levels ahead of the November 3 midterm elections.<\/p>\n
Spain will release another 4.4 million barrels from strategic reserves in October. It has so far delivered 3.7 million barrels of the 11.5 million barrels it pledged in March.<\/p>\n
Diesel remains the weak spot in the global fuel system.<\/p>\n
Refinery disruptions in the Middle East and reduced Russian fuel production have trimmed diesel exports, even as Persian Gulf crude shipments have begun to recover.<\/p>\n
Governments have already put roughly 330 million emergency barrels into the market, with another 100 million or so still scheduled.<\/p>\n
And while more than 20 million barrels of diesel are now being moved up in the timeline, the market was clearly hoping for more.<\/p>\n
By Julianne Geiger for Oilprice.com<\/p>\n
More Top Reads From Oilprice.com<\/p>\n","protected":false},"excerpt":{"rendered":"The International Energy Agency will release more than 20 million barrels of diesel as soon as possible and…\n","protected":false},"author":2,"featured_media":803950,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,682,23187,263928,59,21840,2987,581,56,54,55],"class_list":["post-803949","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-diesel","tag-fuel","tag-fuel-markets","tag-gb","tag-iea","tag-oil","tag-oil-prices","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/803949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=803949"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/803949\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/803950"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=803949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=803949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=803949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}