The Group of Seven wealthy democracies announced that they will release 100 million barrels of oil and fuel products to combat surging energy costs. The release begins immediately and will span four months, focusing heavily on diesel after prices reached record highs in the United States and other global markets. G7 members and partners plan a front-loaded, substantial distribution of diesel within the first 20 days. The International Energy Agency will coordinate the initiative to stabilize petroleum supplies and add market liquidity. The decision comes as political leaders face mounting pressure to address high fuel expenses driven by ongoing conflict in the Middle East. French President Emmanuel Macron chaired a videoconference of G7 leaders to finalize the agreement, which builds on previous commitments made earlier in the year to calm global oil markets.
Source: cbsnews.com
