EU countries will release fresh oil stocks only after top agency assessment

BRUSSELS — The EU will only conduct further releases of oil and diesel reserves after the International Energy Agency has made it clear such a move would not be damaging to the bloc's energy security, three diplomats familiar with the matter told POLITICO. The Group of Seven — which includes Italy, Japan. Germany the U.K., France and the U.S. — agreed on Friday to release 100 million barrels of oil and diesel after U.S. officials threatened to ban diesel exports if they didn't tap stockpiles. However, the IEA appeared to confirm Wednesday that that release would draw from stocks pledged under an agreement in March and not include additional supplies. In other words, it would not amount to a new release at all, but would simply fulfil prior promises.