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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 ...

PARIS, Oct. 3 (Xinhua) -- Around 325 million barrels of oil have been released from strategic reserves, said the International Energy Agency (IEA) on Saturday. It represented over 80 percent of the 400 million barrels originally pledged from the collective action announced by the IEA in March. According to an IEA press release, IEA Executive Director Fatih Birol said Friday during a virtual meeting of Group of Seven (G7) leaders that the energy market impacts of the Strait of Hormuz crisis remained acute, especially in diesel markets. He stressed the IEA's ongoing work to support energy security. The G7, in coordination with the IEA, will release up to 100 million barrels of diesel and other oil reserves over the next four months, according to a joint G7 leaders' statement released b...

Tag: reserves

Explainer: Why G7 agrees to release fuel reserves, how helpful will it be?-Xinhua

325 mln barrels of oil released from strategic reserves: IEA-Xinhua