G7 to release 100 million barrels of diesel and crude oil
Action by G7 to inject 100 million barrels into markets, coordinated with the IEA to ease fuel-price pressure linked to tensions with Iran.
G7 countries have agreed to release a combined 100 million barrels of diesel and crude oil from their strategic reserves in a coordinated action intended to ease pressure on global fuel markets.
The decision, announced by the group, comes as world oil prices have been pushed higher amid the conflict involving Iran, and was welcomed by U.S. President Donald Trump, who has pushed for measures to blunt steep fuel-price increases.
In a joint statement the G7 governments said they would work with the International Energy Agency to implement the release.
Scope and context
“Taking into account commitments already fulfilled, we will implement our pledges through a coordinated release of 100 million barrels, in cooperation with the International Energy Agency,” the G7 countries said.
The move follows a separate, earlier release in March that the IEA coordinated; that operation represented the largest single mobilisation of emergency reserves in history and was also aimed at stabilising supplies during the same regional tensions.
Officials said the latest coordinated release is intended to provide additional supply to markets and help restrain upward pressure on pump prices while diplomatic and security developments continue to unfold.
Photo: SDK.MK)
