IEA member governments have agreed to accelerate deliveries of oil pledged under the March 2026 collective action, which involved 400 million barrels—the largest since the agency’s founding in 1974. U.S. strategic petroleum reserves have hit a historic low of 284 million barrels, the lowest since 1982, raising concerns about potential damage to the salt caverns where the oil is stored. A Government Accountability Office report reveals that the U.S. Department of Energy has not completed long-term planning since 2016 and that investments are not keeping pace with needs, leaving a growing maintenance backlog. The G7 coordinated a release of 100 million barrels over four months, with a significant share of diesel front-loaded into the first 20 days, as wars in Iran and Ukraine have pushed diesel to record highs in many markets.
Source: Read the original article
