G7 members agree to release 100 million barrels of diesel and other reserves
G7 member countries agreed on Friday to release 100 million barrels of diesel and other reserves through the International Energy Agency, beginning immediately and continuing over four months, including a front-loaded substantial diesel release within the first 20 days. Oil prices softened after the announcement, with Brent crude trading 1.48 per cent lower at $100.8 per barrel and West Texas Intermediate 2.66 per cent lower at $90.40 per barrel. The leaders also condemned Iran's attacks against its neighbours in the region and reaffirmed that they would maintain their sanctions against Russia.
Why it matters: The co-ordinated drawdown of strategic stocks addresses diesel supply and price pressure, making energy security the central theme of the G7 statement as winter approaches.