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The G7, coordinated by the IEA, will release up to 100 million barrels of oil and diesel to ease soaring pump prices and test how supply disruptions and refining margins evolve over the coming months.
The U.S. approved 40 million barrels from its Strategic Petroleum Reserve for its G7 share; substantial diesel is to be available within the first 20 days.
The G7 agreement to release 100M barrels of oil and diesel has received a muted response in the energy markets as confusion grows over how many barrels will be made available.