G7 to Release 100 Million Barrels of Oil and Diesel Amid Price Spike
Macron-chaired call agrees IEA-coordinated drawdown and no energy export bans among members.
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Leaders said they would coordinate refinery maintenance to avoid simultaneous shutdowns and encourage countries with spare capacity to boost diesel refining. They pledged to maintain sanctions on Russia while working with the IEA to limit further spillover into fuel and other commodity markets.
The IEA had already authorised a historic 400 million-barrel emergency crude release in March after the Iran war began; officials have said part of that volume has yet to reach markets. G7 ministers are due to reconvene under the IEA framework in coming days to discuss possible additional diesel releases. Analysts caution that strategic stock releases can cool prices temporarily but do not replace restored Middle East supply. Macquarie Group’s Walt Chancellor, quoted by CNBC via The Guardian, said the core problem was “a global energy problem,” arguing that lasting relief required more oil moving through the Strait of Hormuz.
