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EU declines to release additional oil
A report reveals that the European Union intends to adhere to its commitments regarding the release of oil reserves. It considers that the recent G7 agreement, which calls for an emergency release of 100 million barrels, does not require additional quantities. It was agreed to keep any further releases within the limits of commitments made last March, amid calls for an impact assessment before taking new steps. This comes in conjunction with a record high in fuel prices resulting from the war in Iran and the targeting of Russian refineries, as the International Energy Agency and EU working groups continue to discuss supply stability.
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