G7 Unleashes Emergency Oil Release in Desperate Bid to Quell Diesel Price Spikes

The G7 has announced that it will release up to 100 million barrels of oil and fuel from its strategic reserves, in an effort to bring down prices. The move comes after US President Donald Trump pressed European countries, including Germany and France, to open their diesel reserves.

According to the G7 statement, the package includes a frontloaded substantial release of diesel within the first 20 days. This is not the first time such a move has been made this year; in March, 32 IEA members agreed to release 400 million barrels of oil from emergency reserves, but that release has still not been fully carried out.

The decision was met with immediate action on the markets, as Brent crude fell to $101.61 a barrel and US benchmark WTI to $92.02 after the announcement.