European Commission backs G7 diesel and oil stock release

The European Commission has welcomed a G7 decision to release significant stocks of diesel and oil, saying the move is expected to have a positive impact on fuel prices in EU member states. Commission spokeswoman Anna-Kaisa Itkonen told reporters in Brussels that the bloc supports the coordinated action.

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The G7 leaders agreed on a coordinated release of 100 million barrels through the International Energy Agency, beginning immediately and continuing over the next four months. The declaration also calls for a priority release of a significant volume of diesel in the first 20 days by G7 countries and partners.

Itkonen said the Commission particularly welcomed the rejection of any export ban, after the United States had previously threatened such a measure. She said protecting households and businesses from price shocks remains a priority, and added that the question of how many barrels each country will release is up to the International Energy Agency.

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