G7 Unleashes 100 Million Barrels to Combat Diesel Shortage

The Group of Seven (G7) nations has agreed to coordinate the release of up to 100 million barrels of crude oil and refined petroleum products, including diesel. The move aims to contain an energy-price shock tied to disruptions in the Middle East, particularly Iran's attacks on neighboring countries. The agreement comes as diesel has emerged as a stressed segment of the global energy market, with prices affecting not only motorists but also businesses and consumers.

The G7 will release a substantial portion of diesel within the first 20 days, with the European Union committing to a French proposal involving 50 million barrels of diesel. The International Energy Agency (IEA) will coordinate the effort, which is part of an ongoing emergency stock action initiated in March. The United States committed 172 million barrels as part of that earlier agreement.

The G7 statement explicitly ties its action to continuing Middle East instability and condemns Iran's attacks on neighboring countries and disruption of international trade and energy security. Leaders called for the full restoration of navigational rights through the Strait of Hormuz, a critical global energy route. The announcement had an immediate market impact, with Brent crude settling at $102.25 a barrel.