G7 countries say they will begin releasing 100 million barrels of oil and diesel in an effort to address concerns about supply and sharply higher prices. The arrangement is expected to run for four months, according to the group's announcement reported by the BBC.
A substantial release of diesel is expected within 20 days, with members discussing whether further diesel supplies may be needed. The G7 also said its members would not impose restrictions on energy exports between one another as part of the response.
Diesel is a key fuel for freight and agriculture, so price changes can affect the cost of moving goods and producing food. The announcement does not guarantee that pump prices or household costs will fall; those outcomes depend on supply, demand and how the market responds.
Image: Jakub Pabis / Pexels. Illustrative refinery photograph from Poland; it does not show a G7 reserve facility or the release. Photo details | Pexels licence.