G7 agreed to release 100 million barrels of oil and diesel reserves

G7 member countries have agreed to release 100 million barrels of diesel and other reserves to help stabilise markets. The release, coordinated through the International Energy Agency (IEA), begins immediately and will run over four months.

A substantial diesel release will be front-loaded within the first 20 days, according to French President Emmanuel Macron, who is the current chair of the G7. The move aims to help bring down the prices of petroleum products, particularly diesel.

Following the announcement, oil prices softened, with Brent crude trading 1.48 per cent lower at $100.8 per barrel and West Texas Intermediate trading 2.66 per cent lower at $90.40 per barrel, as per The National Business.

Brief written by urgent.news from Quartz, The National Business, Guardian Business — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.