IEA member states say they are prepared to release more oil reserves if needed

The International Energy Agency’s member governments stand ready to release additional oil from their strategic reserves if necessary and will prioritise diesel fuel due to tight supplies of the fuel, the head of the IEA said Wednesday.

IEA member states still have ample reserves of crude oil and refined products and stand “ready to release more of these stocks to the market if and when required” its director director Fatih Birol said in a statement.