G7 Releases Emergency Oil Reserves Amid Fuel Price Crisis
The G7 nations have agreed to release up to 100 million barrels of their emergency diesel and crude oil stockpiles. The decision was made in response to pressure from US President Donald Trump, who had threatened a diesel export ban if they didn't comply.
The International Energy Agency (IEA) will coordinate the drawdown of reserves within four months, with a focus on diesel releases within the first 20 days. G7 leaders, including France's Emmanuel Macron, have committed to making production more flexible so refineries can work at maximum capacity.
The move aims to help bring down fuel prices, particularly for diesel, which has reached record highs in the UK with an average price of £2 per liter on forecourts. This puts filling up an average family car at nearly £32 more than before the Iran war, according to the RAC motoring group.