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. This decision includes a "front-loaded substantial diesel release". The move aims to combat soaring fuel prices, which have recently hit record highs in the United States.

According to The Hill, the release of fuel from stockpiles will occur over a period of four months. French President Emmanuel Macron, who is the chair of the G7, had a conversation with US President Donald Trump about the need to address rising fuel prices and the availability of petroleum products.

The national average for a gallon of diesel in the US was $6.37 on Friday, according to AAA, after hitting a record $6.52 on September 22, Gulf News reported. The G7's decision comes as the US faces pressure to address surging prices ahead of the midterm elections.

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