G7 announces emergency release of 100 million oil barrels

Photo — Александр Лич / Pexels

The release will be coordinated with the International Energy Agency and is intended to increase near-term fuel availability as energy markets face pressure from geopolitical tensions, including the ongoing Iran conflict and the war in Ukraine. The measure is one of the clearest internationally coordinated responses reported today and could influence oil prices, inflation, transport costs and energy security worldwide. Details on the exact timing, country contributions and market impact remain subject to further announcements.

Sources: Anadolu Agency, Xinhua News Agency, SBS News