G7 Nations Release Oil, Diesel to Combat Price Spikes

The G7 nations have agreed to release 100 million barrels of oil and diesel from their stockpiles over the next four months to combat rising prices.

Canada, along with the United States, France, Italy, Germany, Britain, and Japan, signed a joint statement on Friday afternoon announcing the coordinated measure.

The move comes as energy prices continue to climb due to military strikes on oil refinery infrastructure in the Middle East and Russia.

Retail diesel prices in Canada have reached record highs of up to $2.75 per litre, prompting truckers' protests across the country.