The International Energy Agency's Governing Board convened an informal meeting on Wednesday to examine the G7's planned 100-million-barrel release of oil and diesel stocks aimed at easing a fuel supply crunch, two EU diplomats told Reuters.

The session followed an earlier Wednesday discussion among EU member-state representatives who addressed operational specifics of the proposed drawdown, the diplomats said. The Governing Board, the IEA's highest decision-making body, oversees decisions on coordinated releases from strategic reserves held by member countries.

What does the proposal cover?

The plan calls for releasing 100 million barrels of combined crude and diesel stocks — a configuration that includes middle distillates alongside crude. The diplomats did not break out the split between crude and diesel, nor did they disclose country-by-country allocations or the drawdown window. Those granular details, the sources indicated, remain under discussion among EU representatives ahead of any broader IEA action.

Why pair diesel with crude?

The diplomats cited a fuel supply crunch as the rationale for the drawdown. Including diesel in the release envelope alongside crude signals that the squeeze touches refined products as well as raw crude, particularly middle distillates used in transport, industry, and heating.

The diplomats did not identify which IEA member countries would participate or specify country-level volumes.

What is the Governing Board's role?

The IEA's Governing Board operates as the agency's top decision-making body and must formally endorse any coordinated release before member countries dispense stocks from their strategic reserves. The body convenes at the representative level.

Wednesday's informal session suggests the board is in a consultative phase rather than a decisive one. The diplomats did not indicate whether a formal vote is imminent, nor did they outline a timeline for any subsequent public announcement.

How is the EU bloc coordinating?

The diplomats' account describes a two-track process: EU member-state representatives aligning on operational specifics earlier in the day, then the broader IEA Governing Board meeting to weigh the proposal. That sequence suggests the EU bloc is positioning itself within the wider IEA framework rather than moving unilaterally.

A formal endorsement, if it materialises, would authorise member countries to dispense stocks over a defined window. The diplomats did not specify when such an endorsement might occur or whether participating nations have already committed to specific volumes.

What remains unresolved?

Unresolved items include the country allocation matrix, the diesel-versus-crude split within the 100-million-barrel envelope, the drawdown pace, and any sequencing tied to refinery turnaround schedules. The diplomats characterised the Wednesday session as consultative, indicating further work lies ahead before the release becomes operational.

The proposal draws on stocks held in member-country strategic reserves rather than commercial inventory. The diplomats did not specify which countries have signalled willingness to release volumes under the proposed framework.

What is the watch item?

The next Governing Board step — whether it produces a vote, a formal announcement, or further consultation — will determine whether the 100-million-barrel proposal becomes a market commitment. Until that occurs, the volume remains a working figure rather than a confirmed drawdown. Market participants will also watch for the diesel-versus-crude split, which will signal how directly the release targets the distillate tightness that has driven the supply crunch.