G7 Nations to Release 100 Million Barrels of Oil Amid Soaring Prices

The Group of Seven (G7) industrial nations have agreed to release 100 million barrels of oil and diesel fuel from their reserves over the next four months. This move comes after global oil prices soared, with the national average for a gallon of diesel in the U.S. reaching $6.37 on Friday, according to AAA. The G7 statement promised a 'frontloaded substantial release' of diesel within the first 20 days, and President Donald Trump said the diesel release would happen 'immediately.'

The decision is seen as an effort by the G7 nations to address surging prices ahead of the November midterm elections in the U.S. The announcement was made after a videoconference call between G7 leaders, which was chaired by French President Emmanuel Macron.

Some Republicans had called for Trump to ban U.S. exports of diesel to try to bring domestic prices down, but the G7 statement said the group agreed not to limit energy exports to each other.