What happened
The Group of Seven nations have decided to release up to 100 million barrels of oil and diesel from their emergency reserves. This move comes after pressure from the Trump administration to help curb global fuel prices, which have been elevated due to conflicts in the Middle East and Ukraine.
According to French President Emmanuel Macron, the release will be coordinated by the International Energy Agency and will take place over the next four months. The conditions of the release include a initial release of diesel within the first 20 days by G7 members and partners.
The G7 leaders have also called for the restoration of navigational rights and principles in the Strait of Hormuz, and have commended the United States for its efforts to ensure the free flow of commerce through the strait.
President Donald Trump announced the decision on Truth Social, stating that Europe has agreed to release a massive amount of diesel oil, with the process beginning immediately.
