G-7 to release up to 100 million barrels oil and diesel
The G-7 countries are teaming up to release up to 100 million barrels of oil and diesel over the next 4 months, hoping to bring down rising fuel prices.
This move comes after concerns from the US about possibly banning diesel exports if Europe didn't step up its supply.
Emmanuel Macron, who leads the G-7 this year, said the International Energy Agency will handle the rollout.
Diesel prices fall versus crude
Earlier in March, a bigger oil release took heat for being too slow: something US President Trump called out. This time, he's on board with how quickly things are moving.
The announcement has already helped lower diesel prices compared to crude oil as markets expect more supply soon.
Macron highlighted that working together like this helps keep energy markets steady and avoids risky export bans, which is especially important for Europe right now.