Commodities
G7 Agrees to Unleash 100 Million Barrels of Oil to Tame Soaring Fuel Prices
The Group of Seven nations has agreed to release 100 million barrels of crude oil and fuel products from emergency reserves in an effort to help bring down soaring energy prices.
The agreement was reached during a G7 video conference hosted by French President Emmanuel Macron, with President Donald Trump announcing the move.
The release is expected to take place over four months, with a substantial amount of diesel released within the first 20 days.
Fuel prices have surged amid disruptions to global energy supplies, including gas prices climbing since the war with Iran began and diesel prices increasing significantly this summer following an escalation in the Russia-Ukraine war in July.