G7 Unleashes 100 Million Barrels to Ease Diesel Squeeze
The G7 has agreed to release 100 million barrels of oil and petroleum products through the International Energy Agency (IEA) over four months, with a substantial volume of diesel to be released within the first 20 days.
This move comes as energy markets face continuing disruption linked to the conflict in the Middle East and rising diesel prices. In the United States, the average retail diesel price reached $6.29 a gallon on September 14, the highest nominal price recorded in the Energy Information Administration's series dating back to 1994.
The G7 is combining this emergency stock release with higher refinery utilization and a pledge to avoid energy export restrictions. The immediate objective is to increase the availability of refined fuels, keep refineries operating, and prevent trade restrictions from adding to the supply problem.