G7 Unveils Plan for 100m Barrel Oil Release Amid Iran War

The Group of Seven (G7) countries have agreed to coordinate the release of 100 million barrels of crude oil and refined petroleum products from emergency reserves. The decision aims to ease fuel market pressures caused by the Iran war.

The G7 statement said that the initial phase would prioritize diesel, with a substantial release expected within 20 days. However, it did not specify how the 100 million barrels would be divided between crude oil, diesel, and other petroleum products.

The US President Donald Trump welcomed the announcement, saying Europe had agreed to release substantial diesel stocks. The decision follows pressure from Washington as the US administration seeks to contain rising fuel prices ahead of the November 3 midterm elections.