WorldCBCG7 nations agree to release 100 million barrels of oil, including diesel, amid energy crunch
G7 nations agreed to release 100 million barrels of oil, including a big diesel push in the first 20 days, to try to bring down soaring fuel prices.
The release would begin immediately and take four months, starting with a "substantial" diesel release within the first 20 days. Diesel prices have soared globally due to the oil supply crunch brought on by fighting in the Middle East between the U.S. and Iran.
The G7 nations agreed to release 100 million barrels of oil over four months, led by a frontloaded diesel release in the first 20 days.
The International Energy Agency will coordinate the release, which follows a separate 426 million barrel release announced back in March.
The move is aimed at easing record fuel prices driven by the ongoing Iran war, though experts warn a US diesel export ban could make things worse globally.
Diesel prices in Canada hit around $2.63 per litre this week, with higher costs squeezing truck drivers and farmers who depend on it to operate.
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