The G7 countries have agreed to release a total of 100 million barrels of crude oil and diesel from emergency reserves as energy prices continue to rise.
The coordinated measure is intended to stabilize strained energy markets and ease pressure on fuel prices. A significant portion of the releases is expected to take place in the near term.
The decision comes amid sharply higher crude oil and diesel prices and continuing risks to international supply chains. The G7 countries also pledged to refrain from imposing energy export restrictions.
Germany will take part in the coordinated release. Strategic reserves are intended to help safeguard supplies at a time of heightened uncertainty in global energy markets.
Experts caution that releasing emergency reserves is primarily a short-term measure. A lasting easing of energy prices will depend on global supply conditions and continuing geopolitical risks.
