G7 to release 100 million barrels of oil and diesel from emergency reserves

The Group of Seven agreed to release 100 million barrels of crude oil and diesel from emergency reserves over four months to curb soaring energy prices.

• The G7 announced a coordinated release through the International Energy Agency, beginning immediately and lasting four months.
• Trump said Washington will not impose a diesel export ban, stating that Europe will make a major global contribution.
• The joint statement said a substantial diesel release will occur within the first 20 days, with further releases discussed in coming days.
• The International Energy Agency said its members have released about 325 million barrels from emergency reserves since March, over 80% of the 400 million pledged.
• IEA Executive Director Fatih Birol said the drawdown is the largest coordinated emergency release in the agency's history.
• The G7 also agreed to coordinate refinery maintenance schedules and refrain from restricting energy exports.