The Group of Seven (G7) countries have agreed to release 100 million barrels of oil and petroleum products from their strategic reserves over four months, in coordination with the International Energy Agency, according to a joint declaration by the group’s leaders.
In the first 20 days, G7 countries and their partners plan to release “substantial” quantities of diesel fuel. They also agreed to coordinate refinery maintenance schedules and refrain from restricting energy trade.
Sources told Reuters a day earlier that the United States had demanded that France and Germany begin drawing on their emergency diesel reserves to lower global fuel prices. Washington threatened to ban diesel exports if they refused.
Fuel prices have risen because of the U.S.-Israeli war with Iran and the Russia-Ukraine war. Amid the wars and rising prices, European countries have become more dependent on U.S. fuel.
U.S. President Donald Trump is trying to lower domestic fuel prices ahead of the November 3 midterm elections.
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