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G7 to release up to 100m barrels from emergency oil and diesel stocks

The coordinated drawdown is set to be carried out within four months, with coordination by the International Energy Agency.

Reported · Written up by our desk · Energy

G7 leaders have agreed to release up to 100 million barrels from emergency diesel and crude oil reserves, aiming to ease pressure from surging fuel prices on households and economies, according to the Guardian Business.

The drawdown is expected to be coordinated by the International Energy Agency and carried out within four months, France’s President Emmanuel Macron said after confirming the plan.

Macron, the current chair of the G7, said the group includes the US, UK, Germany, Italy, Canada and Japan, and he confirmed the move following a videoconference with G7 leaders.

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