G7 nations to release 100 million barrels of oil and diesel over four months

The Group of Seven nations and their partners will release up to 100 million barrels of emergency oil and diesel stocks over the next four months, coordinated by the International Energy Agency. French President Emmanuel Macron, whose country holds the G7 presidency, announced the move on Friday, aimed at easing surging fuel prices globally with particular emphasis on diesel supplies. European diesel prices and Brent crude futures fell following the announcement.

The decision came amid pressure from the US administration, which had threatened a diesel-export ban if European countries did not release additional supplies. Europe relies heavily on imported diesel due to a shortfall in domestic refinery capacity. The IEA had previously coordinated a 400 million-barrel release from strategic reserves in March following the Iran war outbreak.