G7 leaders said they would coordinate the release of up to 100 million barrels from their emergency crude oil and diesel reserves following crisis talks on Friday, French President Emmanuel Macron announced.
Coordinated response
Macron told reporters that ministers from some of the world’s largest economies had agreed to draw on strategic oil stocks in a bid to ease supply pressures. He said the decision came after a weekend of intensive discussions among member countries, though he did not detail the breakdown of contributions or the schedule for releases.
The move follows a recent jump in fuel prices and came amid a threat from US President Donald Trump to cut off US diesel supplies. Leaders said the coordinated drawdown was intended to help stabilise markets and reduce the immediate strain on supply chains.
Markets and next steps
Officials have framed the operation as a temporary measure to relieve short-term tightness in oil and diesel availability. Ministers and national agencies are expected to work out operational details, including how the volumes will be allocated and the timing of releases, in the coming days, as global markets watch for further information.