IEA to meet Wednesday over proposed release of reserves, say two EU diplomats

BRUSSELS, Oct 7 (Reuters) – The governing board of the International Energy Agency will hold an informal meeting at 1300 local time on Wednesday to discuss the proposed release of oil and diesel stocks, said two European Union diplomats.

The representatives of EU nations had already discussed this proposed release at a meeting on Wednesday morning, added the diplomats.

Under pressure from US President Donald Trump, the Group of Seven major economies agreed last week to release 100 million barrels of diesel and crude oil from emergency reserves and pledged to refrain from energy export restrictions.

However, there has been confusion among those in the oil and energy industry over how many barrels Europe and the US plan to make available to address shortages and record-high prices.

(Reporting by Kate Abnett;Editing by Sudip Kar-Gupta)