G-7 Agrees to Release 100 Million Barrels of Reserve Diesel
The White House had threatened to ban U.S. diesel exports if Europe did not step up.
The G-7 nations, comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, have decided to release 100 million barrels of diesel and crude oil from their reserve stockpiles over the next four months. This move aims to curb runaway fuel prices, which have been causing widespread economic concerns.
The release comprises around one day's worth of global oil demand and includes a substantial upfront diesel release within the first 20 days. G-7 leaders condemned Iran's ongoing attacks against regional neighbors and disruption of international trade, energy security, and the global economy. The International Energy Agency (IEA) has been tasked with monitoring the release.
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