G7 to Release 100 Million Barrels of Oil Amid Record-High Fuel Prices

The Group of Seven (G7) wealthy democracies plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with a 'substantial' amount of diesel after prices hit record highs.

The move aims to address surging fuel prices in the US and abroad, particularly in Europe. The national average for a gallon of diesel in the US was $6.37 on Friday, according to AAA, after hitting a record $6.52 on September 22.

The release will be done in two stages: an initial 'frontloaded substantial release' of diesel within the next 20 days and the rest over four months. This decision follows a March announcement that International Energy Agency member countries would release 426 million barrels of oil and products to stabilize the oil market.