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The Group of Seven (G7) countries have agreed to release 100 million barrels of crude oil and diesel from emergency reserves in a coordinated effort to ease pressure on global fuel markets.
The decision was announced on Friday following a virtual meeting of G7 leaders, as oil and fuel prices have surged amid disruptions linked to the war in the Middle East.
The release will be coordinated through the International Energy Agency (IEA) and will begin immediately, continuing over four months.
A substantial portion of the release will be front-loaded, with a significant amount of diesel expected to enter the market within the first 20 days.
The G7 did not specify the exact breakdown between crude oil, diesel and other petroleum products.
The G7 also agreed to coordinate refinery maintenance schedules and increase refinery utilisation where possible to boost supplies of refined petroleum products, particularly diesel.
The group reaffirmed its commitment not to impose energy export restrictions among G7 members and called on other oil-producing countries to avoid measures that could further strain global markets.
The IEA will monitor the implementation and impact of the measures on energy security and market stability. A follow-up report is expected within 20 days.