G7 Opens Strategic Reserves to Curb Prices

Group of Seven (G7) countries have agreed to release 100 million barrels of diesel and crude oil from their strategic reserves over four months in response to concerns over rising energy prices.

The agreement was announced on Friday following talks among G7 leaders on coordinated measures to ease pressure on fuel markets.

Under the plan, the countries will coordinate the release through the International Energy Agency (IEA), with the process beginning immediately. A substantial portion of the diesel supplies will be released within the first 20 days.

The G7 leaders also agreed not to impose restrictions on diesel exports among member countries and urged other energy producers to avoid export bans that could further tighten global markets.

In a joint statement released by French President Emmanuel Macron’s office, the leaders said energy prices remained a major concern for their citizens and pledged to closely monitor market developments and adjust their measures if necessary.

“We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions,” the leaders said.

“Our citizens’ concerns about energy prices remain a top priority,” they added.

“We will monitor developments closely and stand ready to adjust measures as needed.”

Macron convened the video meeting involving the G7 members – the United States, Britain, Japan, Canada, Germany, Italy and France – after discussions with US President Donald Trump on coordinated action over fuel prices.

The move followed increased pressure from Washington on European countries to release strategic fuel reserves. Trump had also raised the possibility of restricting US diesel exports.

Such a move has raised concerns in the European Union, which relies heavily on imported fossil fuels and could face additional pressure on energy supplies if US exports were restricted.

The G7 said its decision to coordinate reserve releases and maintain energy trade among members was intended to help ease market tensions and address concerns over fuel prices.