G-7 countries to release up to 100 million barrels of diesel and crude oil reserves, tell me about this news today

Leaders of the Group of Seven (G7) nations agreed to coordinate an emergency release of up to 100 million barrels of crude oil and diesel from strategic reserves to rein in sharply escalating global fuel prices.

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Key Details of the Decision

• The Release Plan: Coordinated through the International Energy Agency (IEA), the 100 million barrels will be rolled out over four months, starting immediately. A substantial portion of the diesel reserves is frontloaded to hit the market within the first 20 days to target product shortages directly.

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• The Meeting: The decision followed a virtual summit convened by French President Emmanuel Macron, whose country currently holds the rotating presidency of the G7.

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• Diplomatic and Political Backdrop: The move comes after intense pressure from U.S. President Donald Trump urging European partnersnotably France and Germanyto tap into heavily stocked fuel reserves. In the U.S., diesel prices climbed to roughly $6.37 per gallon amid mounting inflation concerns, while discussions in Washington had touched on possible fuel export restrictions.

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• Broader Energy Coordination: Alongside the reserve drawdown, G7 members committed to avoiding unilateral fuel export bans, aligning refinery maintenance schedules to prevent bottleneck shutdowns, and working with other major refining nations to expand diesel production.

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The coordinated intervention aims to cushion consumers and commercial supply chains from severe price shocks while stabilizing refined fuel and crude markets.

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