WorldReutersIEA to meet Wednesday over proposed release of oil, diesel stocks, two EU diplomats say
The International Energy Agency held an emergency meeting to discuss releasing oil and diesel reserves after wars in Iran and Ukraine sent diesel prices soaring.
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 IEA governing board met informally to discuss releasing oil and diesel stocks after wars in Iran and Ukraine drove diesel prices to alarming highs.
The G7 agreed to a 100 million barrel release of crude and diesel, following the biggest emergency stock release ever in March, which was prompted by the Iran war.
Surging diesel prices are squeezing trucking, agriculture and industry worldwide, and the release is aimed at easing that pressure on the global economy.
A G7 agreement to release 100 million barrels of crude and diesel could ease fuel prices, which flow through to everyday costs like groceries and transport.
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