❗️G7 agrees to release 100 million barrels of oil and diesel over four months

The G7 has agreed to coordinate the release of 100 million barrels of diesel and other oil reserves through the International Energy Agency (IEA) over the next four months, French President Emmanuel Macron's office said today.

The release will begin immediately, with a substantial portion of diesel stocks released during the first 20 days, according to Reuters.

The agreement also includes a commitment by G7 members to continue coordinating measures to facilitate the movement of energy shipments through the Strait of Hormuz. Macron said G7 countries had agreed not to impose restrictions on diesel exports among themselves.

The announcement follows US President Donald Trump's call for European countries to release their diesel reserves as fuel prices rise amid disruptions to global energy supplies.