Member countries of the International Energy Agency (IEA) confirmed that 325 million barrels of crude oil and its derivatives have already been released from strategic reserves. This information was disclosed by the agency last Saturday (3).
Strategic reserves are defined as oil stocks held by nations to be used in emergency scenarios, such as energy supply disruptions. This data was presented one day after G7 members announced the immediate release of an additional 100 million barrels of crude oil and diesel, in collaboration with the IEA. This action aims to increase the available supply in the market and mitigate rising fuel costs.
Why has diesel price risen
The increase in diesel prices is directly linked to the decrease in the volume of oil and derivatives circulating in global trade. Existing conflicts between the United States and Iran, as well as between Russia and Ukraine, have impacted oil supply, putting pressure on prices.
This impact has already been felt at gas stations. In the United Kingdom, for example, the price of diesel rose by 40% since the start of the war between the US and Iran, reaching the equivalent of two pounds per liter on Friday (2), which corresponds to approximately R$ 14. Besides drivers, diesel is essential for freight transport and agricultural activity, meaning the increased cost can be passed on to other goods and services.
G7 decides to release reserves
The G7, which includes Germany, Canada, the US, France, Italy, Japan, and the United Kingdom, held an emergency meeting to discuss the crisis plaguing the energy market. According to the office of French President Emmanuel Macron, the release will be immediate, with a larger volume made available over the first 20 days. This initiative is planned to last for four months.
The announcement came amid pressure from US President Donald Trump, who urged European countries to contribute part of their reserves. Trump had threatened to reduce American exports if his allies did not increase their contribution to expand fuel supply. The European Union criticized the possibility of reduced American exports, arguing that such a measure could harm the international market. Trump celebrated the G7 announcement on his social media.
Are the 100 million barrels additional?
The G7 did not specify whether the 100 million barrels announced on Friday (2) are included in the remaining 75 million needed to meet the total commitment of 400 million barrels established in March, or if this volume represents an addition. This question is important, given that, according to the IEA, countries had already released 325 million barrels up to that point.