The Group of Seven will release up to 100 million barrels of emergency oil and diesel reserves after the Trump administration pressured the group to curb rising fuel prices.
French President Emmanuel Macron said at a press conference on Friday that the release will be coordinated by the International Energy Agency and will take place over the next four months.
Macron, who currently holds the rotating presidency of the G7, said the group hopes the move will push fuel prices lower.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.