The International Energy Agency has said member countries have released about 325 million barrels of oil and oil products from strategic reserves, representing more than 80 per cent of the 400 million barrels pledged in March.
The update came a day after G7 countries, in coordination with the IEA, agreed to release another 100 million barrels of crude oil and petroleum products to ease pressure on global energy supplies.
The latest release will begin immediately and run over four months, with a substantial volume of diesel scheduled to be released within the first 20 days.
However, it remains unclear whether the G7’s 100 million-barrel commitment includes the 75 million barrels still outstanding from the March pledge or represents additional volumes.
The IEA said the 325 million barrels already released under the March collective action had helped to address supply gaps and reassure energy markets.
The March commitment involved all 32 IEA member countries and was made amid severe disruptions to global oil supplies.
The latest G7 decision is focused particularly on diesel, as refined-product supplies remain under pressure despite a significant recovery in crude oil exports from the Middle East.
According to the IEA, refined-product flows remain severely constrained, with disruptions in the Middle East and attacks on Russian refineries contributing to tighter diesel markets and higher prices.
The G7 has also agreed to coordinate refinery maintenance schedules and temporarily increase refinery utilisation where possible to boost the production of refined products, particularly diesel.
The group also committed to avoiding energy export restrictions among G7 members, while asking the IEA to monitor the implementation and impact of the measures.
The latest intervention comes amid continuing disruption to global energy markets linked to the US-Iran conflict and restrictions affecting shipping through the Strait of Hormuz.
The G7 said it would consider additional diesel releases if necessary as it monitors developments in the global energy market.