G7 Unleashes 100 Million Barrels of Oil to Combat Fuel Price Surge

The Group of Seven (G7) advanced economies have decided to coordinate the release of oil reserves through the International Energy Agency (IEA).

In an online summit on October 2, the G7 leaders agreed to take decisive and coordinated action to strengthen the long-term resilience of the global energy system.

The release will total 100 million barrels of crude oil and diesel combined over the next four months, with a focus on addressing the international surge in fuel prices.