G7 Agree on Coordinated Oil Release of 100 M. Barrels

Paris/Brussels, Oct. 2 (Jiji Press)--The leaders of the Group of Seven major democracies on Friday agreed to release 100 million barrels of oil from their strategic reserves through the International Energy Agency over the next four months, in an effort to ease tight supply and curb soaring diesel prices amid escalating tensions in the Middle East.

The additional release will start immediately, taking into account the implementation of a coordinated release agreed upon in March.

During the first 20 days, G7 countries and cooperating nations will bring forward planned diesel releases and put large volumes on the market.

In a statement released after an online meeting on Friday, the G7 leaders reaffirmed that there will be no export restrictions on energy and related products among G7 countries, and called on all oil producers to "refrain from imposing bans that could exacerbate market tensions."

U.S. President Donald Trump said in a social media post: "Europe has just agreed to release a massive amount of their heavily stocked diesel oil. The process will begin immediately." He later told reporters at the White House that the United States would not ban diesel exports.

[Copyright The Jiji Press, Ltd.]