G7 to release millions of barrels of oil and diesel after Trump threat
AgenciesThe G7 has announced 100 million barrels of oil and diesel will be released to ease supply concerns that have caused prices to skyrocket.It includes a “substantial release”...
The G7 has agreed to release 100 million barrels of oil and diesel fuel to address soaring prices, following US President Donald Trump's threat to ban diesel exports if European countries did not release their own stocks. The release will begin immediately and continue for four months, with an initial "substantial release" of diesel within 20 days.
The G7 members, comprising the US, UK, Canada, Japan, Germany, Italy, and France, along with the EU, will coordinate the release through the International Energy Agency (IEA). The EU pledged to release up to 100 million barrels of fuel within four months, with France's Emmanuel Macron stating the move would help stabilize energy supplies, build supply chain resilience, and shield households and businesses from price shocks.
Trump expressed relief that Europe's decision did not involve an export ban and praised the G7's actions. Analysts noted that oil prices initially dropped below $100 a barrel before recovering to around $102 by the end of the day, influenced by the announcement of the strategic stock releases.
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