The International Energy Agency said in a notice that of the 400 million barrels of strategic oil reserves it announced in March that it planned to release, about 325 million barrels have now been released.

IEA Executive Director Fatih Birol took part on the 2nd in a video conference of G7 leaders convened by French President Emmanuel Macron to discuss the situation in the global energy market.

Birol said at the meeting that the strategic oil reserves already released account for more than 80% of the total pledged for release. Under the current circumstances, these measures have played an important role in filling the supply gap and stabilizing market confidence.

The Elysee Palace, the French presidential office, said in a statement on the 2nd that G7 member states will coordinate the release of 100 million barrels of strategic oil reserves through the International Energy Agency to ease pressure on the international energy market. The related action will start immediately and last for four months, with a large amount of diesel reserves to be released in a concentrated way during the first 20 days.

According to French media reports, the G7 did not say whether the 100 million barrels include the 75 million barrels from the March IEA pledge that have not yet been released, or whether they are an additional release on top of that.