Oil and fuel prices fall as G7 nations agree to historic emergency stock release
OIL and diesel fuel prices fell after the Group of Seven (G7) agreed to release crude oil and fuel from emergency stockpiles and pledged not to restrict energy exports. December Brent crude futures dropped 1.1 per cent to US$101.23 a barrel, while De...
The Group of Seven (G7) nations have agreed to release 100 million barrels of oil and fuel from emergency reserves in a historic emergency stock release, resulting in a significant drop in oil and diesel prices. The G7, which includes the United States, agreed to distribute the released oil and fuel over the next 20 days, with an initial front-loaded release of diesel.
This move comes as fuel prices in the US and globally have soared due to the eight-month conflict in Iran. The G7 reaffirmed its commitment to avoiding export restrictions on energy and energy products among member states.
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