G7 Announces Emergency Oil Release Amid Global Fuel Price Surge
The Group of Seven (G7) countries have agreed to release 100 million barrels of oil, including diesel, from emergency reserves over the next four months. The move is aimed at easing fuel prices, which have surged due to supply disruptions linked to the US-Iran conflict.
France announced the agreement after a videoconference led by President Emmanuel Macron, with the International Energy Agency (IEA) coordinating the release. 'Substantial' amounts of diesel are expected within the first 20 days, according to the G7 statement.
The decision is seen as a response to surging fuel prices tied to supply disruptions, particularly through the Strait of Hormuz. The G7 condemned Iran's attacks against its neighbors and praised the US for 'its efforts to ensure the free flow of trade through the strait.'