N環球 
G7 agrees to release 100 million barrels of oil reserves over four months
G7 leaders announced after an emergency videoconference a coordinated, IEA-managed release of 100 million barrels of oil and diesel beginning immediately, with a frontloaded diesel release in the first 20 days.
Why it matters
This is a major coordinated intervention against surging energy prices. US diesel prices hit a record $6.53 per gallon in September, with a global diesel supply shortfall of about 1.5 million barrels a day. The Iran war has disrupted the Strait of Hormuz and Russia's diesel export restrictions run through October, keeping fuel prices high.
The G7 also reaffirmed in its communique a commitment to refrain from export restrictions on energy and energy products between G7 countries, and called on all producers not to impose bans that could exacerbate market tensions.
Full report
On October 2, French President Emmanuel Macron convened G7 leaders for an emergency videoconference, joined by the head of the Paris-based International Energy Agency. The post-meeting statement said the G7 would carry out "a coordinated release through the IEA of 100 million barrels to begin immediately over four months," including a substantial frontloaded diesel release within the first 20 days.
The move came under strong US pressure. The Trump administration had earlier threatened a 90-day US diesel export ban and publicly pressed Europe to draw on its reserves. US Energy Secretary Chris Wright told Fox News it was time for a coordinated diesel release ahead of winter.
Markets reacted: oil prices fell significantly on international markets on October 2 following the announcement. In the UK, RAC figures showed diesel pump prices breaking the £2-per-litre mark for the first time, at 200.01p.
💬 Comments
No comments yet. Be the first!