G7 nations agree to release oil stockpiles

Against the backdrop of soaring energy prices due to the conflict in the Middle East, the Group of Seven nations have agreed to release 100 million barrels of oil reserves over four months through the International Energy Agency.

G7 leaders met online and released a statement saying they are committed to strengthening the resilience of global energy systems.

They said they will start with a "substantial" release of diesel fuel by G7 members and partners within the first 20 days.

They added that they have also agreed not to impose restrictions on energy exports, and they called on producers to refrain from actions that could worsen market tensions.

The IEA agreed in March to release 400 million barrels of oil. The G7 leaders have called on the IEA to monitor the implementation of their plan.

US President Donald Trump wrote on social media on Friday that the release of the reserves will begin "immediately."