Belgium: The governing board of the International Energy Agency (IEA) will hold an informal meeting on Wednesday to discuss a proposed release of oil and diesel stocks, according to two European Union diplomats.
The meeting is scheduled for 1pm local time in Brussels, the diplomats said. EU representatives had already discussed the proposed release during a meeting earlier on Wednesday.
The discussions come after the Group of Seven major economies agreed last week, under pressure from US President Donald Trump, to release 100 million barrels of crude oil and diesel from emergency reserves.
Why is the IEA considering releasing emergency oil stocks?
The proposed release is aimed at addressing concerns over energy supplies and market pressures. The IEA governing board is expected to discuss the details of releasing oil and diesel stocks during Wednesday’s informal meeting.
The move follows growing international focus on energy security and emergency fuel supplies.
What did the G7 agree on emergency energy reserves?
The G7 agreed last week to release 100 million barrels of crude oil and diesel from emergency reserves.
The group also pledged to avoid imposing restrictions on energy exports as part of efforts to support global energy markets.
The IEA meeting will consider the proposed release as member countries assess the need for coordinated action on oil and fuel supplies.