IEA to meet Wednesday over proposed release of oil, diesel stocks, two EU diplomats say

‌The governing ​board of the International Energy Agency will hold an informal meeting at 1300 local time (1100 GMT) on Wednesday to ‌discuss a proposed release of oil and diesel stocks, two European Union diplomats said. The representatives of EU nations had already discussed the proposed release at a meeting on Wednesday morning, ‌added the diplomats.

A surge in diesel prices has turned the fuel, which underpins trucking, ‌agriculture and industry, into a global political and economic concern. The wars in Iran and Ukraine have curtailed exports and damaged refineries, helping drive a rise in prices. The Group of 7 countries agreed ⁠last ​week to a 100 ⁠million barrel release of crude and diesel after US President Donald Trump warned some European countries that ⁠if they did not release more diesel, the US would ban diesel exports.

The G7 includes ​the US, UK, Japan and Canada, along with EU nations France, Germany and ⁠Italy. It was not immediately clear if the G7 agreement would simply release the remaining share of an ⁠IEA-coordinated 400-million-barrel ​release countries had committed to in March, or add extra volumes on top of this.

Germany's economy ministry said it was working on the approval of ⁠the release of energy reserves, and will participate in the issuing of volumes already set ⁠by the IEA ⁠in March. March's move, prompted by the Iran war, was the biggest emergency stock release ever.