Heads of State and Government of the G7 have agreed upon several measures intended to stabilize global energy markets, according to a joint statement released on Friday following a virtual meeting. To address rising oil prices, which the leaders warned pose a threat to economic stability and citizens’ welfare, an initial release of up to 100 million barrels of crude oil and diesel from strategic reserves is planned. The International Energy Agency (IEA) has been tasked with monitoring the implementation of these commitments, with a substantial diesel release expected within the first 20 days.
Beyond immediate reserve releases, the G7 members plan to coordinate a broader range of actions. A key agreement involves synchronizing the maintenance schedules of refineries across G7 nations to prevent simultaneous capacity shutdowns. Where feasible, temporary increases in utilization capacity will also be pursued. Furthermore, the G7 intends to encourage countries possessing significant refinery capabilities to boost worldwide production of refined products, particularly diesel. Within the member countries, commitments were made to forego any export restrictions on energy and energy-related products.
On the diplomatic front, the G7 collectively denounced Iran’s ongoing attacks on its neighbors, criticizing these actions for disrupting international trade and undermining global energy security. Meanwhile, the United States received official commendation for its efforts to maintain free commerce through the Strait of Hormuz.
