G7 Countries Unleash $15 Billion Oil Reserve Tap to Combat Rising Prices
G7 countries have agreed to release up to 100 million barrels of diesel and crude oil from their strategic reserves in an effort to combat rising oil prices. The move, led by French President Emmanuel Macron, aims to trigger a drop in global oil prices and ease the burden on consumers.
The G7 leaders plan to coordinate the release with the International Energy Agency within four months, prioritizing diesel first. This measure is part of a broader package of initiatives aimed at reducing petroleum product prices, including making diesel production more flexible and removing restrictions on trading energy between partner countries.
The decision comes as oil prices remain elevated due to conflicts in Iran and Ukraine, as well as shipping disruptions in the Strait of Hormuz. The G7 leaders have condemned Iran for its actions and called for an immediate restoration of navigational rights in the strait.