G7 Agrees to Release 100 Million Barrels of Oil and Diesel

The Group of Seven (G7) countries have agreed to release 100 million barrels of crude oil and diesel from emergency reserves in an effort to reduce soaring energy prices.

The decision was made after pressure from US President Donald Trump, who had threatened to impose a ban on US diesel exports if Europe did not release its emergency diesel stocks.

According to climate and commodities economist Hamad Hussain of Capital Economics, the emergency release by G7 members will put some downward pressure on prices, particularly global diesel prices. However, he noted that the impact would be short-lived given that this is just a temporary solution to the supply crunch.