Big economies to release 100M barrels of fuel

Big economies to release 100M barrels of fuel

Major economies will release fuel, including diesel, from their stockpiles as prices have skyrocketed in recent weeks.

The Group of Seven (G7), which includes Canada, France, Germany, Italy, Japan, the U.K. and the U.S., said in a statement Friday that it would “begin immediately” releasing 100 million barrels of fuel over the next four months.

This is expected to include a “frontloaded substantial diesel release within the first 20 days by G7 members and partners” the group said.

In addition, the countries said they will “coordinate maintenance schedules” of their refineries that process oil into fuels including gasoline and diesel, to “prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible.”

“We also encourage engagement with countries holding significant refining capacities to boost global production of refined products, particularly diesel, in light of ongoing market pressures in this segment,” the countries said.

Their statement did not specify which countries the releases would come form.

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