The International Energy Agency agreed Thursday to accelerate the release of more than 20 million barrels of diesel and distribute the remaining oil pledged under a record emergency reserves plan announced in March, as governments seek to ease supply shortages and contain rising fuel prices.

The 32-nation organization said its governing board reaffirmed its commitment to the March 2026 collective action launched in response to the Strait of Hormuz crisis. Members originally pledged to release more than 400 million barrels of crude oil and petroleum products as prices surged.

The IEA said approximately 330 million barrels had been released so far, with some member countries already distributing more than they initially promised. Other nations have additional releases planned, including more than 20 million barrels of diesel that members agreed to make available as soon as possible.

Diesel prices have surged to record levels in many markets amid disruptions to supplies from the Middle East and Russia. The increases threaten to drive up transportation, manufacturing and other business costs, adding to inflation and the financial pressure on households.

President Donald Trump has pressed European Union countries to draw down their emergency reserves, warning of a potential U.S. ban on diesel exports as his administration seeks to bring fuel prices down before the November 3 midterm elections. The United States has also argued that current release plans are insufficient to contain rising prices, Bloomberg News reported Thursday, citing people familiar with the matter.

Spain announced Thursday that it would release 4.4 million barrels from its strategic reserves in October, although it did not specify which petroleum products would be included. The country has released 3.7 million of the 11.5 million barrels it pledged in March.

The latest decision underscores the continued strain on global energy markets as governments attempt to offset supply disruptions through emergency stockpiles. Whether the additional releases will be enough to bring diesel prices down remains uncertain.