G7 countries have agreed to release up to 100 million barrels of diesel and crude oil from reserves over four months, the group said Friday.
The agreement followed a video meeting hosted by French President Emmanuel Macron. The G7 said it plans a substantial diesel release within the first 20 days. Members also intend to coordinate refinery maintenance so shutdowns do not overlap and capacity can rise where feasible.
Average U.S. diesel prices have risen 70% since late February to $6.37 a gallon. Fuel prices climbed after the United States and Israel attacked Iran on Feb. 28; diesel prices surged again this summer as the Russia-Ukraine war escalated in July.
Oil analyst Andy Lipow said a release of this size could temporarily lower diesel prices by 25 cents a gallon but would do little to increase refinery capacity. In March, International Energy Agency member countries approved a separate release of 400 million barrels of crude oil.
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