G7 to release up to 100m barrels of emergency oil and diesel reserves
Summary
The G7 countries have agreed to release up to 100 million barrels of emergency oil and diesel from their reserves over four months to help lower high fuel prices. This plan, coordinated by the International Energy Agency, focuses on diesel and aims to avoid export bans, with the decision made after discussions including President Donald Trump.Key Facts
- The G7 includes the US, UK, Germany, France, Italy, Canada, and Japan.
- They will release up to 100 million barrels of crude oil and diesel emergency reserves within four months.
- The release is coordinated by the International Energy Agency (IEA).
- France’s President Emmanuel Macron, who chairs the G7, announced the plan after a video meeting of leaders.
- G7 countries will avoid export bans on oil and diesel to ensure smooth trade between partner nations.
- President Trump supported the move and had pressured nations to release supplies to reduce fuel prices.
- Diesel prices have risen sharply, reaching a record £2 per litre in the UK.
- Analysts say the underlying cause of high fuel costs is a global energy supply problem, not just diesel availability.
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