G7 agrees to release 100 million barrels of emergency fuel reserves
G7 nations will release 100 million barrels of emergency fuel reserves over four months to calm soaring prices following pressure from Washington.
Group of Seven (G7) economies have agreed to release 100 million barrels of emergency crude oil and diesel reserves over the next four months to curb skyrocketing global fuel prices. Coordinated alongside the International Energy Agency, the release will begin immediately with diesel stockpiles.
The decision follows intense pressure from US President Donald Trump, who threatened to ban American diesel exports unless allied nations tapped their stockpiles. While European Union officials initially rejected Washington's threats, EU members ultimately supported a proposal to contribute to the joint release.
Sources: BBC News, Cyprus Mail, France24, Politico Europe, The Guardian
Sources
- Cyprus Mail — Europe weighs new diesel stocks release after US pressure
- The Guardian — G7 to release up to 100m barrels of emergency oil and diesel reserves
- Politico Europe (Defense) — G7 agrees to release oil reserves after U.S. push
- France24 — G7 members will release 100 million barrels of diesel after US threatens export ban
- BBC News — G7 to release 100 million barrels of oil and diesel after Trump export ban threat