⚡️🇪🇺🇺🇸 — G7 countries have agreed to release up to 100 million barrels of oil from strategic reserves over four months in a coordinated effort to reduce elevated energy prices, with particular focus on diesel. The release will be coordinated through the IEA, with a substantial volume of diesel to be made available within the first 20 days; French President Emmanuel Macron said the countries had agreed to “act together” to ease pressure on energy prices. — Euronews

➡️ The package also includes measures to increase refinery output and a pledge by partner countries not to restrict trade in energy and oil products. If distributed evenly, the 100 million barrels would amount to roughly 830,000 barrels per day over four months, although the market impact will depend on the pace of releases and the proportion of the crude that can ultimately be converted into diesel.

➡️ Strategic crude releases do not immediately increase diesel supply, as refineries must first process the oil, with available refining capacity, logistics and crude type affecting the volume reaching consumers. The measure could provide relief ahead of winter, when demand for diesel and other refined products typically rises.

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