Fatih Birol, who leads the International Energy Agency, indicated that roughly 325 million barrels — representing more than four-fifths of the 400 million barrels member countries had committed to releasing — had been drawn down through the coordinated reserve action the agency launched in March to stabilise energy markets following disruptions tied to the West Asia conflict.

A release from the IEA placed Birol's remarks at a G7 Leaders' video meeting convened around energy security and markets, where tightening conditions across global energy supply — diesel shortages in particular — formed the core of the agenda.

Birol told the gathering that pressure on energy markets from the Strait of Hormuz situation remains pronounced — notably for diesel supplies — and pointed to the IEA's active work to bolster worldwide energy security, adding that roughly 325 million barrels from the collective release announced on 11 March had by that point been drawn down, a figure representing more than four-fifths of the 400 million barrels the participating countries had originally committed to put into circulation.

According to the statement, Birol noted that the development had contributed to narrowing the supply shortfall and steadying market confidence during a period without historical precedent.

Crude oil shipments out of the Middle East have bounced back, the IEA's top official noted, though the movement of refined products through those same channels continues to face restrictions. Drone and missile strikes on refining infrastructure inside Russia have pushed diesel supply conditions tighter, nudging prices upward and introducing broader economic vulnerabilities.

Those remarks surfaced while heads of government from the G7 nations were weighing options to shore up energy supplies in the near term and build greater durability into global energy markets over a longer horizon.

A resolution the IEA had adopted in March authorised the drawdown of roughly 400 million barrels from emergency petroleum stockpiles, with those supplies to be directed toward global markets as a buffer against disruptions to energy flows caused by the ongoing conflict in the Middle East.

On 11 March, Birol noted in a video address that hostilities had disrupted worldwide oil and gas supply chains, with the Strait of Hormuz bearing particular pressure, and that the coordinated release of reserves was intended to compensate for volumes no longer reaching the market — with IEA member nations set to make 400 million barrels available through that mechanism. A reserve of 400 million barrels stands ready to enter the market, helping to replace the petroleum that would otherwise flow through the now-restricted Strait.

Restoring the flow of oil and gas through the Strait of Hormuz, Birol noted, stands as the single most pressing condition for bringing energy supplies back to a steady footing. All member nations of the IEA voted in favour of the move, which drew on emergency petroleum reserves at a scale the agency had not previously attempted.

Coordinated action through the IEA resulted in a joint commitment from G7 nations to release 100 million barrels of oil reserves, a move aimed at bringing down elevated energy costs and relieving strain in refined-product markets, with diesel supplies drawing particular attention. Across G7 refineries, the joint communiqué outlined plans to stagger maintenance windows so that capacity reductions would not overlap, while pushing utilisation rates higher at facilities where conditions allowed.

The group further called on nations with refining infrastructure to expand output of processed fuels, with diesel drawing particular attention, while a separate statement directed the IEA to track whether the pledges made for March 2026 are carried through in full and without delay. The joint statement outlined a plan to release 100 million barrels of oil through a coordinated IEA mechanism over a four-month period, with G7 members and partner nations front-loading a notable diesel draw within the first 20 days, while accounting for supply obligations already met.

Within the IEA framework, a meeting of G7 leaders was set to take place over the following days, with the question of releasing further diesel supplies on the agenda if circumstances warranted it.