WorldAl JazeeraG7 to release 100 million barrels of oil and diesel, will it curb prices?
G7 nations have agreed to release 100 million barrels of oil and diesel from emergency reserves to try to ease record global energy prices.
Global energy prices have soared due to the US and Israel’s war on Iran and Russia’s war on Ukraine.
The G7 agreed to release 100 million barrels of crude oil and diesel from emergency reserves after pressure from US President Donald Trump.
Global diesel hit a record average of 6.50 dollars per gallon last Friday, up from 5.61 dollars a month earlier, according to the AAA.
Economists say the release will put some downward pressure on prices but the effect will be short-lived as it does not fix the underlying supply crunch.
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