IEA to decide on details of diesel stocks release next week

According to Business Recorder, the International Energy Agency is expected to settle the details of a diesel stock release at its governing board meeting on October 14 to 15. Confusion is growing over the volumes Europe and the United States intend to free up, and sources said the watchdog will convene next week to go through the specifics. The IEA had yet to comment on what the board is due to settle.

On Friday the Group of Seven, pressed by US President Donald Trump, agreed to draw 100 million barrels from emergency stocks, covering both diesel and crude, and pledged to avoid energy export restrictions. However, no breakdown of volumes for crude, diesel or other products was given, and the countries taking part were not named, although one source said Italy would be included. On Tuesday, a European Commission spokesperson said the bloc's oil coordination group meets Wednesday.

Vitol chief executive Russell Hardy said on Tuesday, at a London conference, that his trading house was still working out the details. He described the announcement as lacking clarity on the amount and location of each release. He expects separate tender notices in the coming fortnight to show exactly how much oil will be released and from where. A 400 million barrel emergency release coordinated by the IEA in March, prompted by the Iran war, was the largest ever.