G7 Unveils Emergency Oil Release Plan Amid Soaring Fuel Prices
G7 leaders have agreed to release up to 100 million barrels of crude oil and diesel reserves over the next four months in an effort to curb soaring fuel prices.
The agreement, reached on Friday, Oct. 2, will begin immediately, with diesel stocks being released first, according to a joint statement issued after the emergency meeting.
French President Emmanuel Macron said that there would be no export restrictions or export bans between G7 members, and that 'there will be coordination, cooperation and no export ban on any category of product whatsoever.'
This decision comes as a result of several rounds of emergency talks among European governments on how to respond to US pressure, with France proposing a release of 100 million barrels of European oil and diesel earlier on Friday.
US President Donald Trump had been urging EU governments and the UK to release new stocks of diesel and crude oil to cushion the sharp rise in price ahead of the November midterm elections.