G7 leaders have agreed to coordinate the release of 100 million barrels of oil through the International Energy Agency (IEA) over four months to ease supply pressures, curb price volatility and strengthen global energy security.
In a joint statement following a virtual meeting, the leaders said the release would begin immediately, with a substantial volume of diesel to be supplied within the first 20 days by G7 members and partners.
They will also discuss further diesel releases if market conditions require.
The G7 called for coordinated refinery maintenance schedules to avoid simultaneous shutdowns and encouraged countries with significant refining capacity to increase production, particularly of diesel.
The IEA has been asked to monitor implementation of the measures and assess their impact on energy security and market stability.
