G7 to release 100 million barrels of diesel and other reserves as prices soar
The amount is equivalent to around one day’s worth of global oil demand
The Group of Seven (G7) nations have collectively agreed to release 100 million barrels of diesel and crude oil reserves to counteract the surge in global oil prices, primarily caused by the Iran conflict. This move, coordinated by the International Energy Agency (IEA), aims to stabilize immediate energy supplies and reduce price spikes.
The G7 nations—comprising the United States, France, Italy, Germany, Japan, Britain, and Canada—will distribute the reserves over the next four months, with an additional substantial release within 20 days. Diesel, accounting for about 28% of global oil demand, has been particularly scarce due to disruptions in energy infrastructure in the Middle East and Russia.
The initiative came after US President Donald Trump threatened to ban diesel exports, a move that faced opposition from both US oil companies and European leaders. European nations, reliant on American diesel imports, welcomed the G7's decision, hoping it would lower fuel prices at the pump. European leaders, including French President Emmanuel Macron, expressed confidence that the emergency release would bring immediate relief to petrol and fuel prices.
The G7's coordinated action is seen as a decisive step to address the immediate energy crisis and mitigate the impact of the ongoing geopolitical tensions on the global oil market.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
