G7 agrees to release 100 million barrels of oil over four months

G7 leaders agreed to coordinate a release of 100 million barrels through the International Energy Agency (IEA), starting immediately and taking place over four months. A substantial diesel release is planned within the first 20 days.

• G7 countries will coordinate refinery maintenance and raise refinery use where feasible.
• The leaders will discuss whether additional diesel releases are needed.
• The IEA is asked to monitor the measures and provide a report with recommendations before 20 days, including on replenishing stocks.
• G7 members reaffirmed they will not restrict energy exports to one another and called for the restoration of navigation in the Strait of Hormuz.