G7 to release 100 mln barrels of diesel, other reserves

  The G7 group of nations has agreed on a coordinated release of 100 mln barrels of diesel and other reserves through the International Energy Agency (IEA) within four months, according to a joint G7 leaders' statement.

"We will implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over 4 months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners. We will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary," said ·the statement.

G7 countries also agreed to coordinate maintenance schedules across refineries to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible. They encouraged engagement with countries holding significant refining capacities to boost global production of refined products, particularly diesel.

In March, IEA member countries agreed to release 400 mln barrels of oil and petroleum products from emergency reserves to the global market amid energy supply disruptions. The current decision to release 100 mln barrels concerns the fulfillment of previously undertaken commitments.

 US President Donald Trump said Friday that Europe has agreed to release a “massive amount” of its diesel oil stocks.

“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil.

“The process will begin immediately,” Trump said on Truth Social.


On Thursday, the U.S. urged its European allies to help lower global fuel prices, the very week it was revealed that Washington is depleting its strategic reserve to curb the rise in diesel prices.