Paris : Leaders of the Group of Seven (G7) nations agreed to release 100 million barrels of crude oil and diesel from strategic reserves into global markets over the next four months, in an effort to contain the rapid rise in global fuel and energy prices.
Emmanuel Macron, President of the French Republic, announced in an official statement following coordination talks with G7 leaders that the release would begin immediately through the International Energy Agency (IEA) in a coordinated effort to stabilise supply chains and reduce fuel costs in international markets.
President Macron said G7 leaders, including Donald Trump, President of the United States of America, had agreed not to impose restrictions or bans on energy exports between member countries. He emphasised that the joint measures would help ease inflationary pressures resulting from rising oil prices.
