G7 countries release 100 million barrels of oil and diesel from strategic reserves

Strategic reserves are oil stocks held by countries to be used in emergency situations, such as interruptions in energy supplies.

The volume released so far corresponds to more than 80% of the 400 million barrels that countries had promised to make available in March.

The update came a day after G7 countries announced the immediate release of an additional 100 million barrels of crude oil and diesel, in coordination with the IEA. The measure is an attempt to increase supply in the market and contain rising fuel prices.

The crisis in the diesel market is related to the reduction in the flow of oil and derivatives in international trade.

Conflicts between the United States and Iran and between Russia and Ukraine have affected oil supply, putting pressure on prices.

The impact has already reached gas stations. In the United Kingdom, the price of diesel has risen 40% since the start of the war between the USA and Iran and reached this Friday (2) the equivalent of two pounds per liter, around R$14.

The rise doesn't just affect drivers. Diesel is used in freight transport and agricultural production, for example, and the increase in cost can be passed on to other products and services.

The G7, a group that brings together Germany, Canada, USA, France, Italy, Japan and the United Kingdom, called an emergency meeting to discuss the crisis in the energy market.

The countries decided to release, in a coordinated manner and with support from the IEA, 100 million barrels of diesel and crude oil from their strategic reserves.

According to the office of French President Emmanuel Macron, the release will be immediate, with a larger quantity being made available in the first 20 days. The measure should last four months.

The announcement came amid pressure from US President Donald Trump for European countries to also release part of their reserves. Trump had been threatening to reduce American exports if allies did not increase their contribution to expanding fuel supply.

The European Union criticized the possibility of reducing American exports. According to the bloc, a measure of this type could harm the international market.

The G7 did not say whether the 100 million barrels announced on Friday (2) are part of the 75 million that were still missing to fulfill the commitment of 400 million barrels made in March or whether they represent an additional volume.

The doubt is relevant because, so far, countries have already released 325 million barrels, according to the IEA.

If the 100 million are additional to the previous commitment, the total volume made available would be greater than the 400 million barrels announced in March.