G7 Agrees to Release 100 Million Barrels of Oil in Effort to Ease Fuel Prices

Global oil and diesel prices have surged sharply in recent months due to disruptions to energy supplies, damage to refineries, and ongoing geopolitical tensions.

The G7 countries have agreed to release 100 million barrels of oil and petroleum products from emergency reserves over four months through a coordinated program with the International Energy Agency (IEA).

A substantial amount of diesel will be released within the first 20 days in an effort to ease pressure on the market.

Analysts warn that releasing emergency stocks will not resolve the underlying supply problems if disruptions caused by conflicts and refinery outages continue.