G7 nations agreed to release up to 100 million barrels of emergency oil and diesel reserves within four months, according to France's president Emmanuel Macron. The International Energy Agency will coordinate the drawdown.
The coordinated action follows pressure from Donald Trump to address surging fuel prices that have strained households and economies across the world's largest developed nations.
The agreement represents a rare coordinated use of strategic petroleum reserves by multiple G7 members. Such reserves exist specifically to buffer supply shocks and price spikes. The 100 million barrel ceiling is substantial but the source material does not specify how much each nation will contribute or the exact timeline within the four-month window.
No details appear in the supplied material about the target price level, expected impact on global markets, or which specific fuel products will be prioritized between crude oil and diesel. The source also does not confirm whether all G7 members participated equally or if some declined.