Vice-Minister of Energy discusses the use of oil stocks at the International Energy Agency Governing Board meeting
Lithuania was represented by Vice-Minister of Energy Karolina Štelmokaitė at the International Energy Agency (IEA) Governing Board meeting held in Paris on 14–15 October. The meeting reviewed progress in implementing the IEA’s collective response announced in March 2026, which provides for the release of emergency oil stocks, in the context of the G7 leaders’ statement on global energy security and market stability.
In view of continued tensions in global oil markets, particularly the shortage of diesel, the IEA Governing Board confirmed member countries’ commitment to accelerating the release of the remaining stocks. It was agreed to release a total of 100 million barrels of crude oil and oil products onto the market as soon as possible, including at least 20 million barrels of diesel. With around 330 million barrels already released and some countries having exceeded their initial commitments, the total volume released will exceed the original target of 400 million barrels. The Governing Board also called on countries with oil production and refining capacity to increase output, particularly of diesel, and stressed the importance of free trade in energy resources.
‘The top priority today is to get the quantities of oil, and particularly diesel, that countries committed to supplying back in March onto the market as quickly as possible. Meeting these commitments in full sends the clearest signal to markets and makes a significant contribution to strengthening energy security and stabilising prices. Decisions on releasing additional fuel stocks must be based on a clear market need and closely coordinated within the IEA, with energy security given priority,’ said Vice-Minister of Energy Karolina Štelmokaitė.
Following disruptions to oil supplies through the Strait of Hormuz due to the conflict in the Middle East, the IEA Governing Board approved a record collective response involving 400 million barrels on 11 March 2026. Lithuania has already met its commitment under the collective response – 0.6 million barrels, or around 80,000 tonnes of oil. This entire volume was released from industry stocks: by temporarily reducing the mandatory level of industry stocks, these reserves were made available to the market.
The IEA emphasises that the collective response helped mitigate the disruption to oil supplies, but that the crisis is ongoing and the measures therefore remain in place.
On 11 October, ahead of the meeting, IEA Executive Director Dr Fatih Birol wrote to member countries about tensions in the global diesel market. He proposed two possible next steps. First, countries that have not yet fully met their March commitments should consider whether they can accelerate the release of the remaining volumes, giving priority to diesel. Second, all countries, including those that have already met their commitments, should assess whether additional releases of diesel stocks are necessary.
Among other matters, the meeting addressed the latest developments in the coal, renewables and electricity markets, as well as developments in the energy transition. A discussion was also held on the IEA’s 2027–2028 work programme and budget. The IEA proposes strengthening its work on energy security next year – particularly in relation to the security of electricity supply – as well as crisis response and critical raw materials.
On 15 October, Vice-Minister Štelmokaitė also met with Laura Cozzi, the IEA’s Director of Sustainability, Technology and Outlooks. They discussed the possibility of preparing an IEA report on the protection and resilience of critical energy infrastructure, as proposed by Lithuania. Lithuania would invite the IEA to present the report at the informal meeting of EU energy ministers to be held in Vilnius on 18–19 May 2027. The protection and resilience of critical energy infrastructure is one of Lithuania’s key priorities for its EU Council Presidency in the first half of 2027.
The Lithuanian Government has already implemented, or is considering, a comprehensive package of measures to address high fuel prices and protect Lithuanian residents and businesses. These include making the mechanism for publishing fuel prices more transparent, enabling consumers to make more informed choices about where to refuel, and making public transport more attractive.
Last updated: 19-10-2026