About 325 million barrels have already been released under the March action, which originally pledged 400 million barrels. Some countries have supplied more than they initially promised. Members still hold roughly 1.1 billion barrels in emergency reserves, including more than 200 million barrels of diesel, and will review the situation at the governing board’s scheduled meeting next week.
France and Germany said their contributions to last week’s G7 agreement would largely come from stocks already committed in March. Germany plans no new release, while France could add 2 million barrels beyond its earlier commitment but has made no firm pledge, Politico reported. The G7 plan calls for releases over four months, with a substantial diesel release in the first 20 days.