Leaders also agree to coordinate maintenance schedules across G7 refineries to prevent simultaneous shutdowns and temporarily boost utilisation rates.
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G7 releases emergency oil, diesel reserves
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New Delhi, October 3(Rights Media): The Group of Seven countries have agreed to release 100 million barrels of diesel and crude oil from emergency reserves and pledged to refrain from energy export restrictions.
The coordinated release, overseen by the International Energy Agency, will take place with a release of 100 million barrels to begin immediately over 4 months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners.
In addition to stock releases, the leaders agreed to coordinate maintenance schedules across G7 refineries to prevent simultaneous shutdowns and temporarily boost utilisation rates.
The group also called on non-member partners with significant refining capacity to increase diesel production, while reaffirming a commitment to refrain from export restrictions or trade bans on energy products between G7 nations.
French President Emmanuel Macron said..
the move is aimed at helping bring down fuel prices and improve market stability. Macron said that the move was a clear signal of G7 unity of our desire to improve our production, our transport capacity, and our ability to manage, in coordination, both stocks and trade"
“We decided to release strategic stocks of diesel and crude oil under the coordination of the International Energy Agency. It will therefore meet in the coming hours or days to organise this and enable the release of up to 100 million barrels of diesel and crude oil,” Macron said.
Following the G7 announcement, US President Donald Trump said on Friday that he will not authorize an export ban on diesel.
"Europe has a lot of diesel, and they're going to be making a major world contribution. And so are we. And we're not going to be doing the export ban. We're going to be doing what we're supposed to do. But I did ask them, and we're going to have a lot of oil. Very shortly as soon as Iran ends, which won't be long. It's not going to be long. You're going to have the oil go down to the price of oil, but maybe even lower than I got it at the beginning," he said.