G7 Unleashes Diesel and Crude Oil Reserve Release
The G7 has announced that it will release up to 100 million barrels of diesel and crude oil reserves over the next four months in an effort to curb high fuel prices. The decision comes as diesel prices reach record highs around the world, with crude oil prices remaining above $100 per barrel.
The International Energy Agency is partnering with the G7 to coordinate the release of reserves, which will be carried out over 20 days. French President Emmanuel Macron said that US President Donald Trump agreed there would be no export bans among G7 countries, and that the discussion was 'constructive' rather than threatening.
Automobile Association President Edmund King expressed hope that the decision will calm global fuel markets, while International Energy Agency chief Fatih Birol noted that oil prices have already begun to fall following the announcement.