G7 confirms it will release 100 million barrels of oil from strategic reserves to lower prices

The G7 countries have agreed to release up to 100 million barrels of oil from their strategic reserves over the next four months, in a coordinated effort to lower high energy prices and ease pressure on oil markets.

According to a G7 statement, the process will be coordinated by the International Energy Agency (IEA), while a considerable portion of the oil is expected to be made available during the first 20 days.

French President Emmanuel Macron, whose country currently holds the G7 presidency, said the member countries had agreed to act together to soften the impact of rising energy prices.

“We will implement our commitments with a coordinated release through the IEA of 100 million barrels that will begin immediately over four months,” the group’s statement said.

The decision comes at a time when oil prices have risen and markets are facing concerns about supplies. The G7 countries have been under pressure from Washington to use strategic reserves as a way to increase supply on the market and curb price growth.

Earlier on Friday, the European Commission opposed what it described as “threats” from the United States to pressure European countries to take such steps.

The coordinated release of reserves aims to temporarily increase oil supply on international markets and ease pressure on energy prices.