G7 members and partners agreed to release up to 100 million barrels of emergency oil and diesel over four months, coordinated by the IEA, and the U.S. stepped back from a diesel-export ban.
G7 countries and partners agreed to release as much as 100 million barrels of emergency oil and diesel, coordinated by the International Energy Agency, after pressure from the Trump administration over fuel prices, Bloomberg reported via the Australian Financial Review. French President Emmanuel Macron said the release would run over four months, with an initial focus on diesel, to send a signal to markets.
Xinhua, citing the G7, reported that the 100 million barrels would be released over four months starting immediately, with a substantial volume of diesel front-loaded in the first 20 days. The statement did not specify how the total would split between diesel and crude, or which countries would contribute. Members also pledged not to restrict energy exports to one another, and the United States stepped back from a threatened diesel-export ban.
IEA executive director Fatih Birol said about 325 million barrels had already been released under a March collective action, more than 80 percent of an original 400 million-barrel pledge, Xinhua reported. The new tranche is additional coordination on top of that earlier release, which followed the Iran war.
The G7 also agreed to coordinate refinery maintenance, raise utilization where possible and encourage extra diesel output. Wood Mackenzie analyst Alan Gelder told Xinhua a major diesel release could cut wholesale prices by 20 to 30 dollars a barrel, but said the effect may be temporary while supply stays short of demand.
Sunday market wraps still cited the release as oil prices moved with fighting in Yemen. The G7 has not published a country-by-country volume table.