G7 to Release 100 Million Barrels of Oil and Fuel Reserves as Diesel Prices Surge
The G7 has agreed to coordinate the release of 100 million barrels of oil and fuel products from emergency reserves in an effort to stabilize global energy markets amid soaring prices.
The release will begin immediately and continue over four months, with a substantial amount of diesel to be released within the first 20 days.
The move comes as diesel prices have surged in the United States and Europe amid disruptions to global energy supplies and ongoing instability in the Middle East.
The G7 also agreed to avoid energy export restrictions between member countries and urged other producers not to impose measures that could further tighten global fuel supplies.
The United States had pressured European countries to release more diesel from their reserves, while President Donald Trump had threatened to restrict U.S. diesel exports if additional supplies were not released.
Trump later said the United States would not impose a diesel export ban following the G7 agreement.