WASHINGTON (dpa-AFX) - G7 countries have agreed to release up to 100 million barrels of crude oil and diesel over four months as governments seek to ease soaring energy prices following disruptions linked to the Iran conflict and the Russia-Ukraine war.
The group said a substantial release of diesel would take place within the first 20 days. U.S. President Donald Trump said the process would begin immediately following a G7 videoconference hosted by French President Emmanuel Macron.
The average U.S. diesel price has risen about 70 percent since late February to $6.37 a gallon, while Brent crude ended Friday at $102.25 a barrel, up more than 60 percent since the start of the year. The G7 also agreed to coordinate refinery maintenance schedules to avoid simultaneous shutdowns and increase capacity utilisation where possible.
Oil analyst Andy Lipow said a 100-million-barrel diesel release could temporarily lower diesel prices by about 25 cents a gallon, although it would not increase refinery capacity.
The move follows a 400-million-barrel crude release approved by International Energy Agency members in March, which provided temporary relief before prices resumed climbing.
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