G7 Releases Up to 100 Million Barrels to Curb Fuel Prices

The G7 nations have agreed to release up to 100 million barrels of emergency oil and diesel stocks over the next four months, in an effort to quell rising fuel prices.

The move comes after pressure from the Trump administration, which had threatened a debilitating diesel-export ban if European countries did not release more supplies. The US has been critical of Europe's slow release of 400 million barrels coordinated by the International Energy Agency (IEA) in March following the Iran war.

European diesel prices and Brent crude futures have slumped after the news, with diesel's premium over crude oil dropping as low as $69 a barrel. The decision aims to trigger a drop in fuel prices, according to Emmanuel Macron, France's president and current G7 chair.