G7 leaders agree to release up to 100 million barrels of oil and fuel from strategic reserves

G7 leaders agreed to release up to 100 million barrels of crude oil and diesel from their strategic reserves to curb soaring fuel prices.

NBC News writes about this.

As US President Donald Trump wrote on the Truth Social network after the G7 video conference, Europe agreed to release "huge reserves" of diesel fuel.

G7 leaders said in a joint statement that they could release up to 100 million barrels of oil and fuel over four months, noting that a "significant release of diesel" would occur within the first 20 days.

European leaders also said they would start coordinating maintenance schedules for oil refineries in their countries "to avoid simultaneous shutdowns of capacity and, where possible, temporarily increase their utilization".

According to oil analyst Andy Lipow, this decision could help stabilize the situation due to recent fuel supply disruptions. According to him, releasing the reserves would effectively replace Russian exports.

• Fuel prices rose sharply after the US and Israel launched strikes on Iran on February 28.
• However, diesel prices have started to rise again this summer. Since the end of February, the average price of diesel in the US has increased by 70%, to $6.37 per gallon.

For more news and in-depth stories from Ukraine, please follow us on X.