Member countries of the International Energy Agency (IEA) will speed up releases from their emergency oil reserves as energy markets remain under pressure from the Strait of Hormuz crisis, the agency said in a statement today.

According to the IEA, members have drawn down about 330 million barrels since the plan was announced last March, and a further 100 million barrels are expected. Members agreed to take all necessary steps to deliver the remaining volumes in a timely manner, the statement said.

The total released will exceed 400 million barrels, the target set in the March plan, after some countries released more than they originally pledged, while others intend to follow suit.

On the previous day, the IEA announced that more than 20 million barrels of diesel would be made available as soon as possible, and called on countries with production and refining capacity to raise supplies to help ease pressure on energy markets.