G7 Countries Agree to Release Emergency Fuel Reserves Amid Global Price Pressures

The G7 countries have agreed to coordinate the release of 100 million barrels of crude oil and refined fuel products from emergency reserves over four months. This includes a front-loaded substantial diesel release within the first 20 days.

White House National Economic Council Director Kevin Hassett said the administration had been urging U.S. allies to put more refined petroleum products on the market, which could have a 'massive positive effect' in easing fuel prices.

The G7 leaders convened virtually Friday to address energy security and volatile oil markets. They agreed to coordinate maintenance schedules across G7 refineries to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible.