G7 to release 100 million barrels of oil and diesel reserves under US pressure
The G7 is tapping its emergency reserves to help bring down soaring diesel prices, releasing up to 100 million barrels of oil and diesel over
The G7 is tapping its emergency reserves to help bring down soaring diesel prices, releasing up to 100 million barrels of oil and diesel over the next four months across its members, including European countries, the US, Canada and Japan.
Leaders say they are implementing commitments made back in March. President Donald Trump did not appear on camera during Friday's G7 video call but quickly celebrated the outcome as a win. The announcement eased fears in Europe, where officials had worried Washington might impose export diesel bans ahead of the US midterm elections.
Still, tapping into reserves carries risk for European states that rely heavily on fossil fuel imports and have few natural oil reserves of their own.
Al Jazeera's Rosie Birchard reports from Brussels. Find us on Check our website Check out our Instagram page Download AJE Mobile App
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