G7 nations have agreed to release 100 million barrels of crude oil and diesel to ease global supply pressures and surging prices.
The decision was reached on Friday following a video conference of G7 leaders chaired by French President Emmanuel Macron.
The group, comprising France, Canada, Germany, Italy, Japan, the United Kingdom and the United States, said the release will be coordinated through the International Energy Agency and will begin immediately.
According to a joint statement released by Macron’s office, the stock will be deployed over the next four months, with a frontloaded substantial diesel release within the first 20 days.
The leaders also reaffirmed their commitment to refrain from export restrictions on energy and energy products among G7 countries.
“We will implement our commitments with a coordinated release through the IEA of 100 million barrels,” the statement said.
The move comes after United States President Donald Trump threatened to ban diesel exports to Europe if allies failed to release their reserves.
Speaking after the meeting, Trump said he would no longer impose the ban, noting that European countries had agreed to release a massive amount of diesel from their reserves.
The global diesel market has been under strain following the war in Iran, which has reduced fuel exports from the Middle East and driven prices to record highs in several countries.
The action follows an earlier emergency release of 400 million barrels coordinated by the IEA in March. The IEA Executive Director, Fatih Birol, said members had already released about two-thirds of that volume as of this week.
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