G7 agrees 100 million-barrel emergency oil release amid US pressure

G7 countries have agreed to release up to 100 million barrels of oil from strategic reserves over four months in a coordinated effort to bring down soaring energy prices, with a particular focus on diesel.

The release will be coordinated by the International Energy Agency (IEA), with a substantial amount of diesel to be made available within the first 20 days, according to a G7 statement.

French President Emmanuel Macron, who currently holds the G7 presidency, said the countries had agreed to act together to ease pressure on energy prices.

"We will implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over four months," the statement said.