G7 Agrees to Release 100 Million Barrels of Oil, Diesel First
The Group of Seven agreed on Friday to a coordinated G7 oil release of 100 million barrels from emergency stocks over four months, with a "substantial" diesel release front-loaded into the first 20 days. The joint statement, issued by the office of French President Emmanuel Macron, said the International Energy Agency (IEA), the Paris-based body that coordinates its members' emergency oil reserves, will manage the release, and that it begins immediately. G7 members also pledged to refrain from energy export restrictions and urged other countries to do likewise. The move comes as US diesel prices sit near record highs.
How a disputed export ban shaped the talks
Macron spoke overnight with President Donald Trump about rising fuel prices and the availability of petroleum products, his o...