Amanze Chinonye
The Group of Seven (G7) agreed on Friday to coordinate the release of 100 million barrels of oil through the International Energy Agency (IEA) over four months, including a substantial front-loaded release of diesel within the first 20 days, as it moves to ease pressure on global energy supplies and markets.
The agreement followed a virtual meeting of G7 leaders to address what they described as deepening challenges to energy security and unprecedented volatility in oil markets. The group said surging prices were threatening economic stability and placing pressure on households and businesses.
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Under the agreement, the coordinated release will begin immediately through the IEA. The G7 said members and partners would front-load a substantial volume of diesel during the first 20 days and would meet through the IEA in the coming days to consider additional diesel releases if necessary.
The group also agreed to coordinate maintenance schedules at G7 refineries to prevent simultaneous shutdowns and temporarily increase refinery utilisation where feasible. It encouraged countries with significant refining capacity to raise production of refined petroleum products, particularly diesel, amid continuing pressure in that market.
The G7 asked the IEA to monitor implementation of the measures and its March 2026 commitments. A follow-up report is expected within 20 days and should include actionable recommendations for future responses, including the replenishment of emergency stocks.
The group reaffirmed its commitment to refrain from imposing energy and energy-product export restrictions on one another and called on all producers to avoid bans that could exacerbate market tensions. The leaders said they would continue to monitor developments and adjust measures as necessary.
The G7 also condemned Iran’s attacks against regional neighbours and what it described as disruption to international trade, energy security and the global economy. It called for the immediate restoration of navigational rights and principles in the Strait of Hormuz and said it would intensify efforts to secure freedom of commerce through the strategic waterway.
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The group said it would maintain sanctions against Russia while working with the IEA and global partners to prevent further spillovers into fuel, gas and other commodity markets.
The G7 comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The group said concerns over energy prices remained a priority as governments respond to disruptions affecting global energy markets.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
