G7 Countries to Release 100 Million Barrels of Oil and Diesel from Reserves

The Group of Seven (G7) countries, together with the International Energy Agency, have agreed to release 100 million barrels of oil and petroleum products from their strategic reserves over a four-month period.

The main focus will be on addressing diesel fuel shortages. A significant share of the fuel will be released to the market within the first 20 days.

To prevent a sharp rise in prices, the participating countries agreed to coordinate maintenance schedules at oil refineries and refrain from imposing restrictions on energy trade.