G7 Nations Unite to Release Oil Reserves Amid Soaring Fuel Prices

The G7 nations have agreed to release 100 million barrels of oil and fuel products in an effort to tame soaring fuel prices. The move includes a substantial release of diesel, which has recently hit record highs in the United States.

U.S. President Donald Trump announced the action on social media, stating that the diesel release would happen immediately. The G7 statement promised a 'front-loaded substantial release' of diesel within the next 20 days.

Canada is the only G7 nation without a strategic oil reserve, but it will cooperate with the effort by coordinating maintenance schedules for oil refineries to prevent too many from going offline at the same time.