G7 to release up to 100 million barrels over four months

The Group of Seven agreed Friday to release up to 100 million barrels of crude oil and refined petroleum products over four months, with a substantial amount of diesel scheduled for release within the first 20 days. The International Energy Agency will coordinate the effort, which leaders said is intended to ease pressure on energy supplies and prices. The agreement followed a virtual meeting of G7 leaders on October 2. In a joint statement, they said the coordinated release would begin immediately. The statement did not specify how much of the total would be diesel, crude oil or other products, and a daily release schedule was not provided in the available details. Those unknowns make it difficult to assess how much additional diesel will reach markets or when. The G7 also committed to refrain from imposing energy export restrictions on one another and said members would coordinate refinery maintenance schedules to avoid simultaneous shutdowns. The group said it would encourage refineries to increase output where possible and work with producers outside the G7 to raise production of refined products, particularly diesel.