G7 to Release Up to 100 Million Barrels of Oil From Reserves to Lower Prices

Darwin, October 3: Under pressure from US President Donald Trump to bring down rising fuel prices, G7 leaders are set to release up to 100 million barrels of diesel and crude oil from their emergency reserves.

According to French President Emmanuel Macron, the release of reserves by some of the world’s largest economies will be coordinated by the International Energy Agency (IEA) and completed within four months.

Macron, whose country France currently holds the G7 presidency, confirmed the move on Friday following a video conference of the leaders. The G7 also includes the United States, United Kingdom, Germany, Italy, Canada and Japan.

Macron said the G7 countries want to “work together in a coordinated manner to bring down the prices of petroleum products, particularly diesel.”

Meanwhile, US President Donald Trump also confirmed the move following the emergency meeting of G7 leaders.

The G7 leaders held a video conference on Friday morning to discuss fuel supplies and prices. Before the meeting, Trump spoke by phone with French President Emmanuel Macron on Thursday night. After the meeting, Trump said Europe would release diesel from its reserves and that the process would begin immediately.

Trump wrote on his social media platform Truth Social: “Europe has agreed to release a huge amount of its massive stockpile of diesel fuel. The process will begin immediately.”

The G7 leaders’ joint statement, issued by the Élysée Palace in Paris, confirmed the move. It said 100 million barrels of fuel reserves would be released in a coordinated effort to stabilize the market. The reserves will be released into the market in stages over the next four months.

The statement said G7 members and partner countries would release a significant amount of diesel onto the market within the first 20 days. This means a substantial portion of the reserves is expected to enter the market during the initial phase.

The G7 comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The European Union is also associated with the group as a partner, rather than as a member.

A White House official said Trump spoke with Macron on Thursday night and with G7 leaders on Friday morning to discuss an agreement on releasing Europe’s diesel reserves.

Source: Reuters