G7 to tap oil reserves under US pressure
The G7 countries have agreed to withdraw 100 million barrels from emergency diesel and crude oil reserves, in an effort to lower soaring prices associated with the war with Iran. This is the largest such operation in history. The initiative will begin immediately and last for four months, with a significant drawdown of diesel over the course of 20 days, aiming to reduce fuel prices ahead of the U.S. midterm elections. The statement did not specify how the quantities will be distributed among products and participating countries, and additional operations will be discussed as needed.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)