Summary
The G7 countries have agreed to release 100 million barrels of oil and diesel from emergency reserves over several months to help lower high fuel prices. This decision follows pressure from President Donald Trump and comes amid conflicts involving the US, Israel, Iran, and Russia that have disrupted global energy supplies.Key Facts
- The G7 includes the US, UK, Canada, Japan, Germany, Italy, France, and the EU representative.
- They will release 100 million barrels of crude oil and diesel through the International Energy Agency (IEA) over four months.
- A significant amount of diesel will be released within the first 20 days.
- The global rise in oil and diesel prices is linked to conflicts: the US and Israel’s war on Iran and Russia’s war in Ukraine.
- Oil prices recently increased by over $4 per barrel, and diesel prices hit a record average of $6.50 per gallon in the US.
- The G7 plans to coordinate refinery maintenance and increase production to avoid supply disruptions.
- The US had considered banning diesel exports but has instead urged releasing stockpiles to ease prices.
- Global diesel supply is strained because of reduced exports from the Middle East, Russia, and China, while demand remains high due to harvest season.
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