G7 to release 100M barrels of oil
The leaders of the G7 have agreed to release up to 100 million barrels of oil and diesel from their reserves over the next four months to curb rising fuel prices, especially in light of the current tensions in the Middle East and their impact on energy supplies. This will be implemented through a coordinated release of large quantities, with no export restrictions among the member countries. Additionally, the United States has urged Europe to draw from its diesel stocks to put onto the market, despite warnings of potential consequences, particularly since 50% of the EU’s diesel imports come from the United States. This move has led to a decrease in oil prices, which fell by around 5%. This step is part of a joint effort to lower fuel prices, which have increased due to conflicts in the Middle East and Iran's closure of the Strait of Hormuz, affecting global diesel production.
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