The G7 plans to coordinate the release of 100 million barrels from emergency fuel reserves through the International Energy Agency, with diesel supplies included. The group said the release would begin immediately and run for four months.
The plan calls for a substantial diesel release during the first 20 days. G7 members also plan to discuss further diesel releases if needed, but have not specified how much oil or diesel each country will provide.
The move is intended to ease rising energy prices. A climate and commodities economist at Capital Economics expects some downward pressure, especially on diesel prices, but says the effect is likely to be short-lived. Whether the release will curb prices for longer remains uncertain.
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