G7 plans coordinated release of up to 100 million barrels of oil and diesel
publishers 79articles 84first reported 2 Oct, 14:37 UTCdeveloping since 2 Oct · 11 editionstop 25 #12
The Group of Seven nations and partners plan to release up to 100 million barrels of emergency crude oil and diesel stocks through the International Energy Agency, aiming to ease supply concerns and high fuel prices.
The coordinated release will begin immediately and continue over four months, with a substantial amount of diesel to be released within the first 20 days, according to G7 statements cited by the BBC and Al Jazeera. French President Emmanuel Macron said the initial focus would be diesel and that the action was intended to bring down petroleum-product prices.
G7 members also agreed not to impose export restrictions on energy products among themselves. The agreement followed pressure from U.S. President Donald Trump, who had threatened to restrict American diesel exports unless European countries released more of their reserves. Trump said Friday that an export ban was no longer being considered and welcomed Europe’s participation.
The G7 said members would discuss additional diesel releases if necessary and coordinate refinery maintenance to avoid simultaneous shutdowns and increase utilization where feasible. Individual contributions to the release were not specified.
The G7 comprises the United States, United Kingdom, Canada, France, Germany, Italy and Japan, with the European Union also represented at its meetings.
HOW THIS STORY WAS MADE
Written from 4 articles, 3 with the publisher's own text; 4 independent newsrooms once syndicated copies count as one; this version written 18 h after the record first saw the story; the editor kept it as written.
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- This version written
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