G7 leaders agree to coordinate release of 100 million barrels of oil over next four months through IEA

[PARIS, BRUSSELS Jiji] Leaders of the Group of Seven developed countries (G7) held a video conference on the 2nd and agreed to coordinate the release of 100 million barrels of oil from their oil reserves over the next four months through the International Energy Agency (IEA). The project will begin immediately, taking into account the implementation status of the coordinated release decided in March. During the first 20 days, G7 countries and partner countries released large quantities of diesel oil ahead of schedule. With diesel oil prices soaring due to the increasingly tense situation in the Middle East, the government is urgently working to alleviate the supply strain.

In a statement released after the meeting, the G7 reaffirmed its policy of not imposing export restrictions on energy and related products among G7 countries. He urged other producing countries to refrain from embargoes that could heighten market tensions. US President Trump posted on his social media account, ``Europe has agreed to release its large stockpiles of diesel oil. The process will begin immediately.'' Afterward, he clarified to reporters at the White House that there would be no ban on exports of diesel oil.

The Trump administration had suggested a ban on diesel oil exports in order to prioritize domestic supplies, and was pressuring Europe to release its stockpiles.