IEA to Release More Than 20 Million Barrels of Diesel Reserves as Soon as Possible

Diesel supplies released by IEA member countries fall short of global daily diesel demand, and would cover only about five days of U.S. consumption. Fuel prices have surged on the eve of the U.S. midterm elections, and the Trump administration has urged Europe to release diesel reserves. Analysts say the IEA's move to release diesel reserves cannot address the fundamental problem of insufficient refining capacity. Amid a surge in global fuel prices, IEA member countries said on Thursday in an official statement from the Governing Board on energy markets and security that they agreed to release more than 20 million barrels of diesel reserves as soon as possible. (Sina Finance)