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G7 to release 100 million barrels of oil stocks over four months
The plan includes a front-loaded diesel release in the first 20 days by participating G7 members and partners, and crude and middle distillate cracks fell after the announcement.
Crude oil prices and middle distillate cracks declined at the end of last week after the Group of Seven announced it would release 100 million barrels of oil stocks over four months, according to OilPrice.
The release plan is described as front-loaded, with a substantial diesel release scheduled within the first 20 days by G7 members and partners.
OilPrice also noted that the market reaction to the announcement was initially lower prices, reflecting the expectation of added supply from the stock releases.
The outlet further cited price weakness in related refined fuel benchmarks, including gasoline and heating oil, alongside slumping crude prices.
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