Diesel Under Pressure: How the IEA Is Trying to Ease the Global Fuel Squeeze
Of all the fuels hit by the crisis around the Strait of Hormuz, diesel has become the most strained. It powers trucks, farm equipment, ships and generators, so a squeeze there travels quickly through supply chains and into consumer prices. This month, governments stepped up their response.
The Largest Release in IEA History
On March 11, the International Energy Agency’s 32 members unanimously agreed to make 400 million barrels of oil available to the market, the biggest coordinated release in the agency’s history. Planned national contributions ultimately added up to about 427 million barrels. According to the IEA’s October oil market report, members had released 331 million barrels by the end of September, leaving roughly 96 million barrels still to come.
Speeding Things Up
On October 7, IEA members backed accelerating the remaining release and prioritizing diesel wherever possible. The agency said members still hold about 1.1 billion barrels of public emergency stocks, including more than 200 million barrels of diesel, and that it is ready to release more if needed. G7 leaders subsequently agreed to an additional 100 million barrels from emergency reserves over four months. The IEA’s governing board met on October 15 to take stock of progress.
Why Diesel Is So Tight
Two shocks have hit at once. The disruption in the Gulf has curtailed supplies, while Ukraine’s accelerated attacks on Russian refineries this summer have reduced Russian diesel output. In the United States, diesel has risen to more than $6 a gallon in recent weeks, compared with about $3.60 a year earlier. European gas prices have also hovered near a four-year high.
Limits of the Strategy
Emergency stocks are a bridge, not a solution. They can calm markets and buy time, but they run down, and they cannot replace sustained flows through Hormuz. With attacks on tankers continuing and Saudi infrastructure under threat from Houthi strikes, the agency’s message is that governments should expect to stay on alert for some time.
This article reflects reporting available as of October 16, 2026. Fast-moving events may have changed since.