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G7 leaders agreed on Friday to begin a coordinated release of 100 million barrels from emergency oil reserves over four months, citing rising prices and increased volatility in global energy markets.
The International Energy Agency will coordinate the release, according to a statement issued after a virtual meeting of G7 leaders. The plan includes a “frontloaded substantial diesel release” by G7 members and partners during the first 20 days.
Diesel supplies and refinery operations
The G7 said it would meet within the agency’s framework in the coming days to consider further diesel releases if needed.
Members reaffirmed their commitment not to impose restrictions on exports of energy and energy products between G7 countries. They also urged all producers to avoid bans that could intensify market tensions.
The group agreed to coordinate maintenance schedules at G7 refineries to prevent simultaneous shutdowns and to temporarily raise utilization rates where possible.
The International Energy Agency was asked to monitor how the measures are implemented and their effects, and to provide a follow-up report within 20 days.
Call for restored navigation in the Strait of Hormuz
The G7 called for the “immediate and full restoration” of navigational rights in the Strait of Hormuz, saying it was determined to step up collective efforts toward that goal.
The group also said it would maintain sanctions against Russia while working with the International Energy Agency and other partners to limit spillovers into fuel, gas and other commodity markets.
