WorldAl JazeeraG7 announces oil reserve release, as Trump hails Europe diesel deal
The G7 will release 100 million barrels of strategic oil reserves over four months to ease soaring fuel prices caused by the US-Israel war with Iran.
Macron says G7 will release 100 million barrels over four months; diesel release to be ‘frontloaded’
G7 nations announced a coordinated release of up to 100 million barrels of strategic oil reserves through the International Energy Agency over four months.
A substantial diesel release will be frontloaded within the first 20 days, after Trump pressured European countries to tap their stockpiles amid soaring prices.
The move is a direct response to shipping disruptions through the Strait of Hormuz caused by the US-Israel war with Iran, which began on February 28.
High global energy prices from the Iran conflict are already flowing through to petrol and diesel costs, so expect some relief at the bowser if the release goes ahead as planned.
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