The International Energy Agency is ready to coordinate more emergency oil releases by member countries if needed, its boss said, while it spurs the release of diesel under existing plans to help cool surging prices.
Disruption to supply from the Gulf and Russia have sent diesel prices to record highs in many markets, including the United States, where it has become a talking point ahead of November 3 midterm elections.
The IEA, which coordinates industrialised nations' releases of oil from emergency stocks, announced last week that it would accelerate the release of crude and oil product volumes pledged in March, including more than 20 million barrels of diesel as soon as possible.
"If it is needed...and if our countries consider it’s time to push the button, as the International Energy Agency, we are ready to go,” IEA Executive Director Fatih Birol said at a conference in London organised by the Financial Times, when asked about the prospect of an additional release.
The release of the 20 million barrels of diesel is a priority and the timing depends on individual countries and market conditions, he said, without giving a specific timeframe. "We’re trying to front-load those diesel deliveries,” he added.
