🦋bluesky first seen 14 h ago, last 6 h ago, peak #7
G7 Countries Announce Release of 100 Million Barrels of Oil
Original: G7 to release 100M barrels
The G7 nations, together with other members of the International Energy Agency, have agreed to release 100 million barrels of oil from strategic reserves in a coordinated effort to bring down fuel prices and ease pressure on global energy markets following Russia's invasion of Ukraine. The United States is expected to contribute the largest share, and officials hope the move will cushion consumers from rising petrol and energy costs.
Why now: Energy prices were surging after Russia's invasion of Ukraine, and the coordinated reserve release is a major policy response.
G7International Energy AgencyUnited StatesRussia
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