International Energy Agency members have agreed to release more than 20 million barrels of diesel “as soon as possible” as global fuel prices rise, according to a Thursday statement that gave no timeline. The volume is less than one day of global diesel demand. The G7, led by France, had said on Oct. 2 it would deploy diesel stocks over 20 days, implying about 1 million barrels a day. Diesel futures traded more than 1% lower at $4.86 on Thursday. Andy Lipow of Lipow Oil Associates said the release does not solve the problem of refinery output, which is damaged or running at capacity. The IEA said 330 million barrels of the 400 million pledged in March have been released so far.
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