G7 countries agreed to release 100 million barrels of diesel and crude over four months, coordinated with the IEA. The agency said about 325 million of a March 400 million barrel pledge had already been released.
G7 countries agreed on Friday to release 100 million barrels of diesel and crude oil to ease supply concerns linked to the US-Iran war, RTE reported. The International Energy Agency is coordinating the release over four months, with a substantial diesel volume expected in the first 20 days.
The IEA said member countries had so far released about 325 million barrels of the 400 million barrels pledged in a collective action announced on 11 March, more than 80 percent of that earlier commitment. The March pledge involved the IEA's 32 members, including the G7.
RTE said the G7 did not say whether the new 100 million barrels included the remaining 75 million from the March pledge or was additional. Ukrainian strikes on Russian refineries have also affected fuel markets, the report noted.
French President Emmanuel Macron said the countries had agreed to act together to ease pressure on energy prices, according to a Euronews bulletin the same day. The coordinated release is meant to cap panic pricing rather than replace lost supply for the duration of the war.
Markets will watch how quickly diesel reaches buyers and whether governments clarify how the new release sits alongside the unfinished March commitment.