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G7 agrees to release 100 million barrels of oil and diesel
The coordinated supply action includes a substantial diesel release over the coming days, aimed at preventing further price spikes and avoiding a potential US diesel export ban.
The G7 has agreed to release 100 million barrels of oil and diesel to ease supply pressures that have driven prices sharply higher, according to BBC Business.
In a joint statement, the group said the effort would include a substantial release of diesel in the coming days, and it also agreed member countries would refrain from export restrictions on energy and energy products with each other.
BBC Business reports the move follows President Donald Trump threatening to ban US diesel exports if European countries did not put more of their own stocks onto the market. Trump said Europe had agreed to release a massive amount of heavily stocked diesel oil, with the process beginning immediately.
The coordinated release is intended to head off a repeat of the price impacts that would have been triggered by an export ban, BBC Business said, after prior warnings tied to November midterm elections and rising prices elsewhere.