EU member states broadly agree that the G7's agreement last week to release up to 100 million barrels of diesel and crude oil inventory is essentially just the fulfillment of commitments already made, and does not require any additional release volume.

A memo shows that EU member state officials, meeting on Wednesday morning, generally agreed that any future further release of oil inventories should be kept within the quota already agreed in March of this year.

The document shows that some countries want the International Energy Agency (IEA) to conduct an impact assessment first.

The emergency agreement last week was reached by the G7 and announced by French President Emmanuel Macron. Previously, the Trump administration threatened to ban diesel exports if European countries did not take more measures to push down record diesel prices. After the news was announced, crude oil and diesel futures fell.

The memo shows that EU countries have so far released only about half of the volume pledged in March.

The memo says that releasing diesel inventories ahead of schedule was a key part of last week's agreement, but the actual releasable volume may be lower, and no EU country has explicitly committed to doing so within 20 days.

France and Italy may consider releasing some additional diesel beyond the March commitment, but no decision has yet been made.

IEA member states held an impromptu governing board meeting on Wednesday afternoon. A statement after the meeting said member states "support accelerating" the oil inventory release announced in March and "support prioritizing the release of diesel inventories to the extent possible."

Countries agreed to review the situation again at next week's regular meeting.

The statement said member states currently still hold inventories equivalent to about 1.1 billion barrels of oil, including more than 200 million barrels of diesel.