G7 agrees coordinated release of up to 100 million oil barrels

Summarised from 5 outlets · 7 reports · Updated 2 Oct, 17:02 · Archive

The G7 has agreed to release up to 100 million barrels of petroleum reserves in a coordinated action beginning immediately.

The Group of Seven has agreed to a coordinated release of up to 100 million barrels of petroleum reserves from their stockpiles. The action is to begin immediately, according to a joint statement from the G7 world leaders.

French President Emmanuel Macron said the agreement aimed to work towards bringing down the prices of petroleum products, particularly diesel. The release follows pressure from the United States on the issue. France indicated the agreement meant the US would not ban the export of diesel.

Foreign Secretary Ed Miliband said he hoped the coordinated action would 'shield households and businesses from price shocks'.

How it is being reported

• G7 to release up to 100m barrels of emergency oil and diesel reservesThe Guardian · 2 Oct, 16:57
• G7 leaders agree to release ‘up to 100 million barrels’ of petroleum reservesIndependent Business · 2 Oct, 16:43
• G7 leaders agree to release ‘up to 100 million barrels’ of petroleum reservesIndependent Business · 2 Oct, 16:19
• G7 leaders agree to release ‘up to 100 million barrels’ of petroleum reservesEvening Standard · 2 Oct, 16:19
• Trump says Europe will release "massive amount" of diesel oil from stockpilesCBS News · 2 Oct, 16:02
• G7 leaders agree to release ‘up to 100 million barrels’ of petroleum reservesEvening Standard · 2 Oct, 15:55
• G7 agrees major release of oil stocks following pressure from the USPolitico Europe · 2 Oct, 15:16

In this story: G7 · Emmanuel Macron · Ed Miliband · United States

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem