World
G7 to release 100 million barrels of oil and diesel
BBC News··3 Oct
G7 leaders said they will release 100 million barrels of oil and diesel. The release starts immediately and runs four months, with diesel within 20 days. Members said there will be no energy export restrictions between G7 countries. The step followed Donald Trump's threat to ban US diesel exports. Emmanuel Macron said the International Energy Agency will co-ordinate it.
Prism
What It Means For You
- G7 members said the stock release begins at once and lasts four months.
- A substantial diesel tranche is due within the first 20 days.
- Leaders said G7 countries will not impose energy export bans on each other.
What's Happening
- The joint statement commits 100 million barrels through the International Energy Agency.
- Trump said on Friday that Europe had agreed to release diesel stocks immediately.
- He later said a US diesel export ban was never really on the table.
Pressure behind the release
- Diesel costs feed into haulage and food prices, the BBC report noted.
- Brent crude briefly fell below $100 a barrel, then traded near $102 on Friday evening.
- The UK imports over half its diesel, with 31 percent of those imports from the US.
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