G7 Agrees To Release 100 Million Barrels Of Oil To Ease Rising Fuel Prices

The Group of Seven (G7) nations have agreed to coordinate the release of up to 100 million barrels of oil from strategic reserves over a four-month period as part of efforts to ease rising fuel prices and improve global energy supplies.

The decision follows a sharp increase in fuel costs, particularly diesel prices in the United States, amid concerns over supply disruptions and instability in global energy markets. The coordinated release is intended to increase the availability of crude oil and refined products and help bring down pressure on prices. A substantial portion of the planned release is expected to involve diesel during the initial 20 days. The International Energy Agency (IEA) will coordinate the process, working with participating countries to determine the timing and scale of the releases.

The G7 countries have also agreed to coordinate refinery maintenance schedules and encourage higher refinery utilisation wherever possible. The measures are aimed at increasing the production of refined fuels at a time when consumers and businesses are facing higher energy costs.

The agreement followed discussions involving US President Donald Trump and French President Emmanuel Macron on the worsening situation in global energy markets. The leaders and other G7 members discussed ways to strengthen fuel supplies and limit the impact of rising prices on their economies. The G7 also reaffirmed its commitment to keeping energy markets open and avoiding restrictions on exports among member countries. The group urged oil-producing nations to avoid steps that could further reduce supplies or increase pressure on international prices.

The planned release represents a major coordinated intervention in global oil markets. Strategic petroleum reserves are generally maintained by countries as a safeguard against severe supply disruptions, and their use can provide additional supplies when market conditions become particularly strained.

The G7’s decision comes as governments face increasing pressure to contain the economic consequences of high fuel prices. Expensive crude oil and refined products can raise transportation and production costs, potentially contributing to broader inflationary pressures. By releasing oil reserves while seeking to increase refinery output, the G7 aims to address both crude supply and shortages of refined fuels. Officials hope the measures will help stabilise markets over the coming months.