G7 Agrees to Release 100 Million Barrels of Oil Amid Fuel Price Crisis

G7 leaders gathered at the Elysee presidential palace in Paris on November 2 to coordinate global market measures to cope with soaring fuel prices.

The G7 has agreed to release 100 million barrels of oil and reserve diesel over the next four months, according to a joint statement issued by French President Emmanuel Macron.

This move is seen as a significant effort to stabilize the global energy market. The agreement also includes not banning exports of diesel between member states, which will be coordinated through the International Energy Agency (IEA).

The G7 meeting came after US President Donald Trump put pressure on oil prices ahead of the upcoming midterm elections in November.