Explainer: Why G7 agrees to release fuel reserves, how helpful will it be?-Xinhua
BRUSSELS, Oct. 3 (Xinhua) -- Group of Seven (G7) leaders agreed Friday to release 100 million barrels of diesel and crude oil from emergency reserves in an action coordinated through the International Energy Agency (IEA), as surging fuel prices, disrupted refined-product supplies and threatened U.S. export restrictions added pressure on global energy markets. Under the agreement, the 100 million barrels will be released over four months, starting immediately, with a substantial amount of diesel to be frontloaded within the first 20 days by G7 members and partners. The G7 did not specify how much of the total would be diesel or crude oil, or how many individual countries would contribute. It said further diesel releases could be considered if necessary. IEA Executive Director Fatih ...