Last night, Vietnam time, the Group of 7 leading developed and industrialized nations – also known as the G7 – agreed to immediately begin releasing oil and fuel reserves, prioritizing the release of a large quantity of diesel onto the market within the first 20 days of implementation. For Europe, this is a step aimed at reducing the pressure of fuel prices affecting people and businesses.
The G7 leaders' virtual meeting, chaired by the French President, concluded with an agreement to release 100 million barrels of oil and fuel over four months. Accordingly, the release will begin immediately, prioritizing diesel in the first 20 days. The International Energy Agency will coordinate the implementation.
French President Emmanuel Macron stated: "We have decided to release our strategic reserves of diesel and crude oil under the coordination of the International Energy Agency. This agency will meet in the coming hours or days to organize the implementation, allowing for the release of up to 100 million barrels of diesel and crude oil."
The agreement is tied to the implementation of commitments to release existing inventories starting in March 2026. The G7 also agreed not to ban energy exports between members. Earlier that morning, the European Commission and high-ranking representatives of member states discussed diesel supply.
France is pushing for a coordinated release of fuel stocks, from consultations at the EU level to a common agreement within the G7. The pressure stems from disruptions to both fuel transportation and production. Conflicts in the Middle East are affecting supplies; Russian refineries have been attacked, while the country has restricted diesel exports.
Europe must find alternative sources in an already strained market. Therefore, along with releasing inventories, the G7 will coordinate refinery maintenance schedules, avoiding simultaneous shutdowns and increasing production where possible.
For European citizens and businesses, the effectiveness of the agreement will be reflected in the actual amount of diesel released onto the market and the reductions at gas stations. Releasing inventories helps alleviate immediate pressure, but for fuel prices to stabilize in the long term, supply, transportation, and refining operations still need to be streamlined.
Source: https://vtv.vn/g7-thong-nhat-xa-100-trieu-thung-diesel-va-dau-tho-100261003104516796.htm
