French President Emmanuel Macron said on Friday that G7 leaders had decided to release up to 100 million barrels from their strategic reserves over four months, in cooperation with partners and under the coordination of the International Energy Agency.
Coordinated move to lower oil product prices
Macron said in a post on the X platform that the agreement followed a virtual meeting he chaired with G7 leaders to discuss the global energy situation, adding that the coordinated move was aimed at helping lower oil product prices, particularly diesel.
I have just met with G7 leaders to discuss the global energy situation. We agreed to work in a coordinated manner to help lower oil product prices, particularly diesel
Production flexibility and no trade restrictions
Macron added that the group’s leaders had decided to increase production flexibility to maximize the use of refinery capacity, while refraining from taking measures to restrict trade in energy and oil products among partner countries.
