Leaders from several of the world’s wealthiest nations announced a coordinated plan on Friday to release diesel and crude oil from strategic reserves in an effort to address soaring fuel prices exacerbated by ongoing conflict involving Iran. The initiative involves the Group of Seven (G7) countries—the United States, France, Italy, Germany, Japan, the United Kingdom, and Canada—who collectively plan to release 100 million barrels of diesel and crude oil over the next four months. This quantity corresponds roughly to one day’s worth of global oil demand.

The release is being coordinated by the International Energy Agency (IEA), an intergovernmental organization based in Paris. Officials described the measures as “decisive” and aimed at stabilizing immediate energy supplies while curbing sharp increases in fuel prices. They also noted a “substantial” portion of the diesel reserves would be released within 20 days to provide near-term relief.

The distribution between diesel and crude oil within the 100 million barrels has not been specified. Diesel and similar fuels account for approximately 28 percent of global oil consumption, according to IEA data. The current shortages have been aggravated by damage to energy infrastructure, including refineries in the Middle East and Russia, which has limited global refining capacity and constrained the conversion of crude oil into diesel and other end-user fuels.

This coordinated stockpile release marks the second major action by global leaders to alleviate fuel market pressures following military actions involving the United States and Israel against Iran on February 28. The strikes increased volatility in oil markets and contributed to a global energy crisis, prompting previous interventions to stabilize supply.

Overall, the G7’s decision aims to mitigate immediate supply challenges and price spikes amid heightened geopolitical tensions, though the effectiveness of the release remains to be seen as conflicts continue to impact energy markets worldwide.