G7 Moves To Release Up To 100 Million Barrels Of Oil, Diesel Reserves Amid Price Surge

(MENAFN- IANS) New Delhi, Oct 2 (IANS) The Group of Seven (G7) nations and their partners are set to release up to 100 million barrels of emergency oil and diesel stocks over the next four months as governments seek to ease surging fuel prices.

The release will be coordinated by the International Energy Agency (IEA), French President Emmanuel Macron said during a briefing on Friday. Macron, whose country currently holds the G7 presidency, said the move was aimed at triggering a drop in fuel prices, with a particular focus on diesel supplies.

European diesel prices and Brent crude futures fell following the announcement, reflecting expectations that additional supplies could ease pressure on energy markets.

The decision came amid pressure from the administration of US President Donald Trump, which had raised the possibility of a diesel-export ban if European countries did not release additional supplies. Such a measure could have put further strain on Europe, which relies heavily on imported diesel to bridge a shortfall in domestic refinery output.

The IEA had already coordinated a plan in March to release 400 million barrels from strategic reserves after the outbreak of the Iran war. However, Trump has criticised European countries for what he described as a slow pace of releasing the pledged supplies.

A subsequent G7 statement indicated that the latest 100 million-barrel release could include some volumes that have not yet been made available under the March initiative.

Macron said G7 members had agreed to release strategic reserves in previously discussed proportions, with diesel receiving particular attention. He added that the countries had also committed to keeping fuel exports flowing and avoiding export restrictions.

Trump welcomed the move in a social media post on Friday, saying Europe had agreed to release a large amount of diesel from its stocks and that the process would begin immediately.

The latest intervention comes as the Iran conflict continues to put upward pressure on crude oil prices while placing an even greater strain on refined products such as diesel and gasoline.

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