G7 to release 100 million barrels of oil and diesel, will it curb prices?

The Group of Seven countries has agreed to release 100 billion barrels of crude oil and diesel from emergency reserves over several months in an effort to reduce soaring energy prices after pressure from US President Donald Trump.The US and Israel’s war on Iran, as well as Russia’s war on Ukraine, have triggered a spike in global oil and diesel prices.Recommended Stories list of 3 itemslist 1 of 3Canada to fast track oil pipeline meant to diversify economy away from USlist 2 of 3Trump says Europe agreed to release ‘massive amount’ of diesel reserveslist 3 of 3G7 nations bow to US pressure and avoid crippling diesel banend of listOil prices ‌jumped on Thursday and settled up more than $4 a barrel. Global diesel prices also hit a record high last Friday with the average price for a gallon (3.79 litres) of diesel at $6.50, up from $5.61 a month earlier, according to the American Automobile Association (AAA).In a statement on Thursday, G7, which includes the US, UK, Canada, Japan, Germany, Italy and France, with the EU also represented, said there will also be a “substantial diesel release within the first 20 days” and discussions over “additional diesel releases as necessary” will be ...