G7 to release up to 100m barrels of emergency oil and diesel reserves

G7 nations have reached an agreement to release significant portions of their emergency oil reserves in response to soaring fuel prices and threats from the U.S. to restrict diesel exports. The move follows urgent discussions among leaders of the world’s largest economies, who are coordinating a strategic drawdown to ease market pressures. The decision comes after a warning from the U.S. president that supply cuts could worsen global energy shortages. Details on the scale and timing of the release are expected to be confirmed shortly.

Leaders agree a coordinated drawdown after surge in prices and Donald Trump’s threat to cut off US suppliesLeaders of G7 nations are to release up to 100m barrels of their emergency diesel and crude oil stockpiles after Donald Trump threatened to cut off supplies of US diesel.The French President, Emmanuel Macron, said ministers from some of world’s largest economies had agreed to release stocks from their strategic oil reserves after crisis talks on Friday. Continue reading...