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G7 to release 100 million barrels from emergency diesel and crude reserves
The coordinated release will be implemented through the International Energy Agency after taking account of prior commitments already fulfilled.
The G7 agreed to release 100 million barrels of diesel and crude oil from emergency reserves in a move aimed at cooling fuel prices tied to the Iran war, according to a joint statement.
Reuters reported that the action follows March’s emergency stock release coordinated by the International Energy Agency, which was described as the largest such release in history.
In the statement, the G7 said it would implement commitments via a coordinated IEA release of 100 million barrels, after accounting for commitments already fulfilled.
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