Under pressure to draw on their hydrocarbon reserves as energy prices soar, the leaders of the Group of Seven (G7) agreed, following an emergency videoconference on Friday 2 October, to a “coordinated release onto the market, through the International Energy Agency (IEA), of 100 million barrels, beginning immediately and spread over 4 months”.
G7 members and their partners will also carry out “a substantial release of diesel, concentrated in the first 20 days”, according to a...