G7 to release 100 million barrels of oil and petroleum products to stabilize market

The Group of Seven (G7) countries have agreed to a coordinated release of 100 million barrels of oil and petroleum products over four months to stabilize the global energy market.

According to a joint statement by G7 leaders following an online meeting, cited by Report, the release of reserves will begin immediately and will be coordinated through the International Energy Agency (IEA). A significant portion of diesel fuel is to be released within the first 20 days by G7 countries and their partners.

The leaders also agreed to coordinate refinery maintenance schedules to avoid simultaneous capacity reductions and, where possible, temporarily increase refinery utilization.

In addition, the G7 called on countries with significant refining capacity to increase the production of petroleum products, particularly diesel fuel.

The G7 countries reaffirmed their commitment not to impose restrictions on exports of energy resources and energy products among G7 members and called on other producers to refrain from introducing such restrictions.