The Group of Seven agreed to a coordinated release of 100 million barrels of crude oil and diesel through the International Energy Agency. The programme is expected to begin immediately and run for four months, with a substantial volume of diesel released within the first 20 days.
The move follows growing pressure on European countries to draw down their fuel stocks as diesel prices have climbed sharply. European governments had discussed a proposal involving 50 million barrels of diesel, while IEA members considered releasing another 50 million barrels of crude oil.
A 50-million-barrel diesel release would represent about 17% of the European Union’s emergency diesel and gasoil reserves and roughly 3% of its annual consumption.
The G7 also pledged to avoid energy export restrictions among member countries, addressing concerns that further restrictions could tighten global fuel supplies.
US diesel futures fell more than 4% following news of the planned stock release, while European diesel prices also declined.
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