The G7 plans to release 100 million barrels of fuel from emergency reserves through the International Energy Agency, aiming to ease high oil and diesel prices.
In a joint statement, the group said the coordinated release would count commitments already fulfilled. The release is set to begin immediately and run for four months, with a substantial amount of diesel due in the first 20 days. The G7 has not specified how much each member will contribute.
The group plans to discuss further diesel releases in the coming days and coordinate refinery maintenance to avoid overlapping shutdowns. It also urged members not to restrict energy exports to one another.
Oil prices rose by more than $4 a barrel on Thursday. The American Automobile Association reported diesel averaging $6.50 a gallon last Friday, up from $5.61 a month earlier. Economist Hamad Hussain said the reserve release could lower prices, especially for diesel, but expected the effect to be brief.
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