The Group of Seven nations plan to release up to 100 million barrels of oil and diesel from its emergency stocks following pressure from the Trump administration.
French President Emmanuel Macron, the G7 chairman, said Friday that the release would be coordinated by the International Energy Agency and would take place over the next four months.
The conditions would include a release of diesel within the first 20 days by G7 members and partners. The group plans to convene within several days to discuss releasing additional diesel. Macron noted that the decision would help to increase production flexibility to maximize refinery capacity.
The G7 leaders in a statement also called for the “immediate and full restoration of navigational rights and principles in the Strait of Hormuz and express our determination to redouble our collective efforts to that end.”
“We commend the United States for its efforts to ensure the free flow of commerce through the Strait of Hormuz,” they added.
STATES TAKE MATTERS INTO THEIR OWN HANDS TO CURB RECORD-HIGH DIESEL PRICES
The Trump administration in recent days has been pressuring European countries to release emergency stocks to curb global fuel prices, which have been elevated due to the wars in the Middle East and Ukraine.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately,” President Donald Trump wrote on Truth Social.
Continue reading...
[ H/T Washington Examiner ]
