G7 to release 100m oil barrels as Trump hails Europe diesel deal

Macron says G7 will release 100 million barrels over four months; diesel release to be ‘frontloaded’. Macron says G7 will release 100 million barrels over four months; diesel release to be ‘frontloaded’.

Members of the Group of Seven (G7) have announced they will release up to 100 million barrels of strategic oil reserves as prices continue to soar amid the United States-Israeli war with Iran. In a statement following a meeting chaired by French President Emmanuel Macron, the group said the release would be coordinated through the International Energy Agency (IEA) over the next four months.

It added the release will include “a frontloaded substantial diesel release within the first 20 days by G7 members and partners”. The group said it will “convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary”.