Commodities
G7 Unleashes 100M Oil Barrels Amid Global Energy Crisis
The Group of Seven (G7) countries have agreed to release 100 million barrels of crude oil and diesel from emergency reserves over the next four months.
The move is aimed at improving supplies and easing pressure on global energy prices, which have been under strain due to disruptions linked to conflicts involving Iran and Ukraine.
US President Donald Trump announced that the United States would not impose a ban on diesel exports, removing another potential source of uncertainty for international fuel markets.
The coordinated release will begin immediately through the International Energy Agency (IEA), with a significant volume of diesel expected to enter the market within the first 20 days.