G7 Nations Release 100 Million Barrels of Oil Amid Global Energy Crunch

The G7 nations have agreed to release 100 million barrels of oil in an effort to alleviate the global energy crunch. The decision comes as diesel prices have soared globally, with a litre costing $2.71 in Vancouver and $2.63 in Canada on average.

According to US President Donald Trump, the process will begin immediately and take four months to complete, with a 'substantial' release of diesel within the first 20 days. The move is seen as an attempt to address rising fuel prices ahead of November's midterm elections, which Trump faces under pressure.

The G7 nations made their decision after a video conference chaired by French President Emmanuel Macron, who had a conversation with Trump about the need to address rising fuel prices and the availability of petroleum products. The US had previously floated the idea of banning diesel exports in an effort to bring down gas prices for American drivers, but experts caution that this could backfire and further raise global prices.

Trump's approval ratings have taken a hit due to the Iran war and trade battles, which have increased US prices for oil and other goods. The average price of diesel in Canada was $2.63 per litre as of Thursday, with some cities experiencing even higher prices.