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G7 to release up to 100 million barrels of diesel and crude
NBC News • • world
Key Points:
- G7 member countries agreed to release up to 100 million barrels of diesel fuel and crude oil over four months to address soaring gas prices, with a substantial diesel release planned within the first 20 days.
- The decision follows a G7 videoconference hosted by French President Emmanuel Macron, with U.S. President Donald Trump announcing the immediate start of the release to ease energy costs exacerbated by conflicts involving Iran and the Russia-Ukraine war.
- The G7 also plans to coordinate refinery maintenance schedules to avoid simultaneous capacity shutdowns and temporarily increase utilization rates, aiming to stabilize supply amid already maxed-out refinery operations.
- Despite the release, experts caution that while diesel prices might temporarily drop by about 25 cents per gallon, the move does not increase refinery capacity, and Brent crude prices remain elevated, up over 60% since the start of the year.
- Tensions persist as Trump considers a U.S. diesel export ban, which the EU strongly opposes, warning that such a ban would harm European countries reliant on diesel imports.
