G7 nations to release 100 m barrels of oil, including diesel a day after Trump threat
G7 nations have agreed to release 100 million barrels of oil from reserves over four months to combat surging fuel prices. The initiative includes a frontloaded release of diesel, following pressure from the Trump administration and concerns over global supply chain stability.
Why it matters
This coordinated international effort aims to stabilize global energy markets and mitigate the economic impact of high fuel costs on businesses and consumers.
The G7 nations on Friday announced that they agreed to release 100 million barrels of oil from reserves over four months, including a “substantial” release of diesel in the first 20 days, as fuel prices surge amid the war with Iran, while Trump had earlier threatened diesel exporyt ban.The International Energy Agency will coordinate the G7-led release, with member countries and partners expected to begin making oil available immediately. The agreement is aimed at easing pressure on global fuel markets after diesel prices surged to record highs in the US.“We will implement our commitments with a coordinated release through the IEA of 100 million barrels (MB) to begin immediately over 4 months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners,” the G7 said in a statement.Trump also mentioned the diesel release on social media.
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