IQN (NewsDesk): G7 nations have agreed to release 100 million barrels of oil, including significant diesel reserves, in a coordinated move aimed at easing a growing fuel supply crunch that has pushed prices sharply higher across global markets in recent weeks.
The announcement followed a video conference between G7 leaders hosted from the Élysée Palace in Paris, with French President Emmanuel Macron among those confirming the coordinated release. The decision reflects mounting concern among major economies over tightening fuel supplies, driven in part by ongoing disruptions tied to the conflict involving Iran, which had already pushed diesel prices in Singapore past 179 dollars a barrel and gasoline above 157 dollars a barrel.
Separately, European officials confirmed they would release additional stocked diesel oil, a move President Trump said had been secured as part of broader coordination among allied nations to stabilize energy markets. The combined release marks one of the largest coordinated strategic reserve actions in recent years, underscoring how seriously major economies are treating the current supply disruption.
Energy analysts say the move is likely to provide at least short term relief to fuel prices, though the underlying tensions driving the supply crunch, particularly the unresolved conflict involving Iran and its impact on regional oil flows, remain unaddressed by Wednesday’s announcement alone.
