International Energy Agency members have agreed to release more than 20 million barrels of diesel "as soon as possible" as fuel prices surge globally, the group said in a statement Thursday.
President Donald Trump said earlier this month that Europe had agreed to deploy a "massive amount of their heavily stocked Diesel Oil." The release detailed by the IEA on Thursday is equivalent to less than one day of global diesel demand or slightly more than five days of U.S. consumption.
The IEA did not specify a timeline for the release in its Thursday statement. The Group of Seven nations led by France said on Oct. 2 that they would deploy substantial diesel stocks over 20 days. If that is the case, the IEA members would supply about 1 million barrels each day for almost three weeks.
Diesel futures are trading more than 1% lower Thursday at $4.86.
The IEA, headquartered in Paris, has more than 30 member states, including the U.S. and key European and Asian allies. The agency, created in 1974 in the wake of the Arab oil embargo, is tasked with maintaining energy security by deploying oil stockpiles in response to crises like the wars in the Middle East and Eastern Europe.