The Group of Seven (G7) nations have agreed to release 100 million barrels of oil over four months in an effort to ease soaring fuel prices, with a substantial release of diesel planned in the first 20 days. The decision came as diesel prices in the United States climbed to record levels, adding pressure on President Donald Trump and his administration ahead of November’s midterm elections. Mr Trump said that European countries had agreed to release large quantities of diesel from their stocks and that the process would begin “immediately.”
The announcement followed an overnight conversation between Trump and French President Emmanuel Macron. According to a statement issued by France after the meeting, the International Energy Agency (IEA) will coordinate the release. The G7 and partner countries will make a coordinated release of 100 million barrels over four months, with a substantial amount of diesel to be released during the first 20 days.
The move comes as fuel prices have surged in the United States and other countries amid the eight-month-long war involving Iran. US diesel prices have risen sharply in recent weeks. The national average stood at 6.37 dollar per gallon on Friday, according to AAA, after reaching a record 6.52 dollar per gallon on September 22.
