The G7 is preparing to release 100 million barrels of oil and diesel in a coordinated move intended to limit further price rises and prevent a potential ban on US diesel exports.
The planned release follows a threat by Donald Trump to restrict exports of diesel from the United States. The G7’s action is aimed at addressing concerns over the effect such a ban could have on fuel markets and prices.
The measures will involve both oil and diesel supplies, although the supplied information does not specify how the barrels will be distributed, when the release will take place or which countries will contribute.
The announcement comes as the G7 seeks to avoid further spikes in prices. A US export ban would have the potential to disrupt the availability of diesel, making the coordinated release an attempt to provide additional supply and reduce pressure on the market.
Further details of the release, including its timing and implementation, have not been provided.
