The G7 countries have agreed to release 100 million barrels of diesel and crude oil from their strategic reserves over four months to address fuel prices. The coordinated release will begin immediately, with a substantial portion of the diesel to be released within the first 20 days.

The agreement, announced in a joint statement by French President Emmanuel Macron’s office, also includes a commitment to refrain from imposing export restrictions on energy and energy products between G7 nations. The leaders called on all producers to avoid bans that could worsen market tensions, emphasizing that citizens’ concerns about energy prices remain a top priority.

This decision follows pressure from the United States, which had threatened a diesel export ban to push Europe to release its reserves. The G7 comprises the United States, Britain, Japan, Canada, Germany, Italy, and France.