G7 to release up to 100m barrels of emergency oil and diesel reserves

Leaders agree a coordinated drawdown within four months as rising prices put pressure on households and economies

G7 to release up to 100m barrels of emergency oil and diesel reserves

TL;DR

  • G7 nations will release up to 100 million barrels of emergency diesel and crude oil reserves.
  • The coordinated drawdown will be managed by the International Energy Agency and occur within four months.
  • The decision was made under pressure from Donald Trump to reduce surging fuel prices.
  • European countries were pressured by the White House to release supplies or face a US diesel export ban.
  • G7 leaders also agreed to make production more flexible and avoid measures restricting energy exchange between partner countries.
  • The average price of diesel reached a record high of £2 per litre in the UK.
  • Experts question if reserve releases address the fundamental global energy problem.
  • The IEA previously ordered a record release of 400 million barrels of crude oil in March.