The G7 will release 100 million barrels of oil and diesel for four months
According to French President Emmanuel Macron, the measures agreed should "lower fuel prices."
The G7 countries have agreed through the International Energy Agency (IEA) to release 100 million barrels of oil immediately inacoordinated manner for the next four months, in addition to placing a large share of diesel on the market in the first 20 days, according to a statement released this Friday following a virtual meeting of leaders.
French President Emmanuel Macron, who has convened the meeting via videoconference, has stated that the agreed measures should lead to a "drop in fuel prices "and that there will be" no ban "on diesel exports between G7 countries (France, the US, Canada, the UK, Germany, Italy, and Japan).
According to the statement, the team has also decided to coordinate refinery maintenance schedulesto avoid lossof capacity and temporarily increase utilization rates where possible.
The G7 has also urged countries with significant refining capacity to increase production of refined products, especially diesel.
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