G7 to release 100 million barrels of oil to combat soaring fuel prices

The G7 leaders have agreed to release 100 million barrels of oil from their strategic reserves to combat soaring fuel prices. This decision includes a "front-loaded substantial diesel release". The move comes after US President Donald Trump spoke with French President Emmanuel Macron, who is the chair of the G7.

According to The Hill, the release of fuel from stockpiles will occur within 4 months. The national average for a gallon of diesel in the US was $6.37 on Friday, according to AAA.

The G7's decision aims to bring down prices, which have skyrocketed in recent weeks. President Trump announced the action on social media, saying Europe had agreed to release a "massive amount" of diesel oil, with the process to begin immediately.

Brief written by urgent.news from The Sydney Morning Herald, The Age, Gulf News, The Hill — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.