Member states stand ready to release more emergency fuel stocks as prices stay high
The 32 members of the Paris-based International Energy Agency have declared they are prepared to release further strategic reserves of fuel if necessary, following a meeting on the energy crisis linked to the Middle East conflict. The announcement comes as diesel prices across Europe have hit unprecedented levels, with the average price in the European Union reaching €2.24 per litre in October 2026 — up from €1.59 before the conflict in Iran began in February.
What has already been released
The agency's members hold approximately 1.1 billion barrels of emergency oil stocks, including more than 200 million barrels of diesel. Earlier this year, on 11 March 2026, IEA members agreed to their largest-ever coordinated release: 400 million barrels to offset supply disruptions caused by the Middle East conflict. By early October, roughly 325 million barrels had already reached the market, meaning over 80% of the pledged amount was delivered in under seven months.
A meeting on 7 October 2026 saw members express support for accelerating the release of the remaining barrels, with a clear priority on diesel due to ongoing market tensions.
The G7's additional commitment
On 2 October 2026, G7 leaders — including current president Emmanuel Macron — agreed to release a further 100 million barrels of oil and refined products from their strategic reserves over four months, with diesel given priority. The goal is to ease pressure on international markets and bring down prices at petrol stations as quickly as possible.
It remains unclear whether these 100 million barrels include the approximately 75 million barrels still to be released from the March commitment, or whether this is an additional measure.
Italy's contribution and remaining stocks
Italy has participated fully in the coordinated IEA action. The Ministry of Environment and Energy Security (Ministero dell'Ambiente e della Sicurezza Energetica, MASE) stated that Italy's allocated contribution was 9.966 million barrels, representing about 2.5% of the total released by IEA countries. This figure equals approximately 1.605 million tonnes of oil equivalent.
Despite releasing roughly 13.5% of its total emergency reserves, Italy's remaining oil stocks are still described as satisfactory and compliant with European Union obligations. The country's energy security is considered adequate heading into winter.
Why diesel is the focus
Diesel has become the focal point of these interventions. Prices for the fuel have surged 38% since late February, surpassing the previous record increase of 34% recorded in April. The spike stems from multiple factors: damage to refineries in both the Gulf region and Russia, a Russian export ban on diesel valid until 31 October, and the near-closure of the Strait of Hormuz by Iran, which has cut diesel exports from the Gulf to about a quarter of pre-war levels.
Global oil demand is projected to fall by 2.5 million barrels per day in 2026, with the sharpest drops in middle distillates like diesel.
What this means for consumers
For drivers in Italy, the releases aim to provide short-term relief at the pump. However, analysts warn that strategic reserves are designed to address temporary disruptions and cannot permanently compensate for lost refining capacity or structural shortages. The effectiveness of these measures depends on the duration of the conflicts affecting supply chains.
The IEA's Governing Board is scheduled to meet on 14–15 October 2026 to discuss precise volumes, individual country contributions, and any further steps. The agency has stressed that it remains ready to act again if market conditions warrant it.
