G7 Unveils Emergency Fuel Reserves Release

The Group of Seven (G7) countries have announced that they will release 100 million barrels of oil and fuel products over the next four months, in an effort to stabilize global energy supplies.

The move comes amid a global shortage largely attributed to slowdowns in the passage of oil through the Strait of Hormuz, which has been disrupted by conflicts between Iran and the US-Israel alliance.

Although the G7 did not specify the full breakdown of the release by fuel type, they stated that there will be a 'frontloaded' and substantial release of diesel fuel within the first 20 days.

According to Jason Bordoff, founding director of the Center on Global Energy Policy at Columbia University, a timely release of diesel could help ease shortages of both crude oil and refined fuels, with supplies disrupted by the wars in Iran and Ukraine.