G7 countries to fight oil prices by outpouring reserves

French President Emmanuel Macron said Friday that the democratic Group of Seven bloc would release up to 100 million barrels of diesel and crude oil from the group’s strategic reserves. G7 leaders planned to coordinate the release with the International Energy Agency within four months and prioritize diesel first, Macron said at a Friday meeting.

Leaders hoped the release would trigger an oil price drop in the global market, Macron said. The reserve release marked one of several measures G7 leaders discussed on Friday to ease the rising prices of petroleum products. Leaders decided to make diesel production more flexible so that refineries can reach maximum production capacity. They also removed restrictions on trading energy and petroleum products between partner countries, according to Macron.

Gas and oil prices remained elevated due to wars in Iran and Ukraine, along with shipping disruptions from unrest along the Strait of Hormuz. G7 leaders condemned Iran for disrupting international trade and the global economy with continued attacks on regional neighbors, according to a Friday statement. The group called for immediate restoration of navigational rights in the strait and thanked the United States for its efforts to keep commercial traffic moving through the key waterway.

Europe planned to release a massive amount of its heavily stocked diesel, according to a Friday statement from President Donald Trump. The release process will begin immediately, he added. News of the G7 deal came hours after Trump unveiled a $8.4 billion deal with South Korea for oil recovery operations. Higher oil and gas production means energy dominance for America and energy security for the globe, according to a separate statement from Trump on Friday morning.