New Delhi: The Group of Seven nations has announced plans to release around 100 million barrels of oil and refined fuel products in the coming weeks as global energy prices continue to climb. The emergency move will begin with a substantial release of diesel, which has reached record prices in the United States and Europe.
The first major diesel supplies are expected to enter the market immediately, with the initial release planned within 20 days. The remaining volumes are expected to be made available over the following four months.
US diesel prices have risen sharply amid disruptions to global energy supplies. The national average recently climbed above $6 per gallon, while prices in several European markets have also reached record levels.
The G7 decision comes as oil markets face pressure from the ongoing conflict involving Iran, disruptions to refinery operations and restrictions on energy exports. Russia’s decision to halt some fuel exports following attacks on its refineries has further tightened supplies, forcing several major buyers to compete for alternative sources.
The release is intended to increase the availability of petroleum products, improve market liquidity and ease prices. However, questions remain over whether the 100 million barrels represent an additional release or part of an earlier international commitment to draw from strategic reserves.
The G7 also agreed against imposing restrictions on energy exports between member countries. The United States has ruled out a proposed ban on diesel exports, which some lawmakers had suggested as a way to reduce domestic fuel prices.
Energy experts have warned that using strategic reserves could provide temporary relief while reducing emergency stocks available for future crises. Countries may eventually need to replenish those reserves, potentially creating additional pressure on energy markets later.
The G7 includes the United States, Canada, France, Germany, Italy, Japan and the United Kingdom, along with representation from the European Union.
