G7 to release up to 100m barrels of oil and diesel from reserves, Macron says

G7 to release up to 100m barrels of oil and diesel from reserves, Macron says

G7 countries plan to release up to 100 million barrels of crude oil and diesel from strategic reserves over four months to ease global pressure on supplies, French President Emmanuel Macron said.

Members also agreed to keep diesel exports flowing within the group, with Macron saying they would impose “no ban” on those shipments.

“It has been agreed to continue coordinating actions to help facilitate the exit of shipments from the Strait of Hormuz,” Reuters quoted Macron as saying.

His comments follow US President Donald Trump’s announcement that Europe would immediately release a “massive” quantity of diesel from its reserves.

A G7 joint leaders' statement on the plan said: "We have agreed on decisive, coordinated measures to stabilize immediate energy supplies, shield households and businesses from price shocks."