Paris, Oct 2 (EFE).- G7 countries agreed Friday to coordinate the release of up to 100 million barrels of oil and diesel through the International Energy Agency (IEA) over four months.
It incudes a substantial amount of diesel to be made available within the first 20 days, according to a statement issued after a virtual meeting of their leaders.
French President Emmanuel Macron, who convened the videoconference, said the measures agreed by the group “should lower prices” for fuels.
He also said there would be “no ban” on diesel exports among G7 countries: France, the United States, Canada, the United Kingdom, Germany, Italy, and Japan.
“We will implement our commitments with a coordinated release through the IEA of 100 million barrels (MB) to begin immediately over 4 months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners,” the statement said.
According to the statement, the group also agreed to coordinate refinery maintenance schedules to avoid simultaneous losses in capacity and to temporarily increase refinery utilization rates when possible.
The G7 also urged countries with significant refining capacity to increase production of refined products, particularly diesel.
The IEA will monitor implementation of the commitments and submit a report within 20 days, including recommendations on improving future responses and replenishing reserves, according to the statement.
G7 leaders reaffirmed their commitment to refrain from restricting exports of energy and energy products among member countries and called on producing nations to avoid bans that could further strain energy markets.
Iran and Russia
The statement also condemned what it described as Iran’s attacks against neighboring countries and disruptions to international trade and energy security.
In this regard, the G7 called for the “immediate and full” restoration of navigation rights and principles in the Strait of Hormuz and praised US efforts to ensure free commercial navigation through the waterway.
G7 countries also said they would maintain sanctions against Russia and work with the IEA and other partners to limit further repercussions for fuel, gas and other commodity markets.
Macron, whose country holds the rotating G7 presidency, had called for coordinated action to curb rising fuel prices ahead of the meeting.
The French president held overnight talks with US President Donald Trump and Canadian Prime Minister Mark Carney about the global energy situation.
The G7 statement said the “decisive, coordinated” measures were intended to stabilize immediate energy supplies, protect households, and businesses from price shocks and strengthen the resilience of global energy markets, which it described as experiencing “unprecedented volatility.”
“We will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary,” the leaders agreed, according to the statement.
They added that they would closely monitor developments and be prepared to “adjust” the measures when necessary.
“Today’s agreements mark a step toward a more secure, transparent, and resilient energy future.» EFE
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