G7 Releases 100 Million Barrels of Oil to Ease Fuel Prices

The G7 nations have agreed to release 100 million barrels of oil over four months in an effort to ease soaring fuel prices. The decision comes as diesel prices in the US climbed to record levels, adding pressure on President Donald Trump and his administration ahead of November's midterm elections.

According to a statement issued by France after a conversation between Trump and French President Emmanuel Macron, the International Energy Agency (IEA) will coordinate the release. The G7 and partner countries will make a coordinated release of 100 million barrels over four months, with a substantial amount of diesel to be released during the first 20 days.

US diesel prices have surged in recent weeks, with the national average standing at $6.37 per gallon on Friday, according to AAA, after reaching a record $6.52 per gallon on September 22.