Energy: G7 releases 100 million barrels, prioritising diesel for the first 20 days
Refinery maintenance schedules will be coordinated
(Il Sole 24 Ore Radiocor) - The G7 has agreed on a coordinated release, via the International Energy Agency, of 100 million barrels, to begin immediately and be completed over a four-month period, with a substantial initial supply of diesel from members and partners in the first twenty days. This is set out in the leaders’ statement following a virtual meeting on energy security. Faced with “unprecedented volatility in the oil markets”, with sharply rising prices threatening economic stability and citizens’ well-being, the leaders agreed on “decisive and coordinated measures” to stabilise supplies, protect households and businesses from price shocks, and strengthen the resilience of energy systems.
The release will fulfil the commitments made in March 2026, taking into account those already met. In the coming days, the G7 will meet within the framework of the IEA to discuss “the possibility of further releases of diesel, if necessary”. The countries will also coordinate refinery maintenance schedules to avoid simultaneous shutdowns of production capacity and will temporarily increase utilisation rates where possible. Countries with significant refining capacity have also been urged to step in to boost global production of refined products, particularly diesel.
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