G7 Nations To Release 100 Million Barrels Of Oil Amid Fuel Price Surge

In an unprecedented move, the Group of Seven (G7) countries have agreed to release 100 million barrels of oil and fuel reserves over a four-month period, a decision aimed at driving down global fuel prices. The announcement came following an emergency G7 videoconference chaired by French President Emmanuel Macron on Friday, with the release set to begin immediately and include a "frontloaded substantial diesel release within the first 20 days by G7 members and partners".

The decision follows mounting pressure from the United States, with the Trump administration urging European countries to draw down emergency diesel reserves. US President Donald Trump welcomed the G7's move, stating that Europe had agreed to release a "massive amount" of diesel from its stockpiles. However, Trump has also faced political pressure over high fuel prices, with his approval rating on the economy falling to a new low in the latest AP-NORC poll.

The G7's announcement comes as US diesel prices hit record levels, with the national average standing at $6.37 per gallon on Friday, according to AAA. The national average had reached a record $6.52 per gallon on September 22, and the latest data from the US Energy Information Administration showed an average on-highway diesel price of $6.382 per gallon for the week ending September 28.

The G7's decision also includes coordination of refinery maintenance schedules and a temporary increase in refinery utilization where feasible. Countries with significant refining capacity have been called upon to increase production of refined products, particularly diesel. Additionally, the G7 countries have pledged not to impose restrictions on energy and energy-product trade between G7 members.