🔻G7 countries agreed on Friday to help curb a sharp rise in fuel prices following the war in Iran, releasing 100 million barrels of crude oil and diesel from emergency reserves; an action that Donald Trump, the U.S. president, has welcomed.

In a joint statement, the G7 said the release will be carried out in a coordinated manner through the International Energy Agency, and taking into account commitments already implemented, the total will reach 100 million barrels.

Implementation of the program will begin immediately and will continue for four months. According to the statement, members of the G7 and their partners will release a significant portion of their diesel reserves in the first 20 days.

The statement did not provide details about the shares of crude oil, diesel, and other products, or which countries will take part in the move.

The war in Iran in Esfand [March 2025] led the International Energy Agency to coordinate the largest emergency release of oil reserves in its history.

📷 REUTERS