New move to lower fuel prices
Member countries of the International Energy Agency have agreed to accelerate the release of fuel reserves onto the market to curb rising fuel prices.
Member countries of the International Energy Agency have agreed to accelerate the release of reserves onto the market to curb rising fuel prices. According to the information provided, the plan envisages releasing more than 20 million barrels of diesel as soon as possible.
The war in Iran and the Russia–Ukraine conflict have disrupted energy supplies. Interruptions in fuel transportation and deliveries have driven up diesel prices in many countries. This could also affect the prices of other goods by increasing transportation, manufacturing and agricultural costs.
US President Donald Trump is seeking to lower prices ahead of the November 3 midterm elections. He has called on European Union countries to draw on their fuel reserves. Trump warned that the United States could otherwise impose a ban on diesel exports.
The agency’s governing board, representing its 32 member countries, met on Thursday to discuss the release of reserves. The meeting concluded with a decision to continue the coordinated measures launched in March in response to the crisis in the Strait of Hormuz.
In March, member countries pledged to release more than 400 million barrels of crude oil and petroleum products from their reserves. The new agreement aims to accelerate the delivery of the remaining volumes to consumers.