Last week, the G7 reached an agreement to invest 100 million barrels of crude oil and diesel reserves. EU countries have generally agreed that EU member states are under no obligation to release new oil reserves for this purpose. According to reports, the memorandum shows that at a meeting of EU member state officials on Wednesday morning, all parties widely agreed that subsequent release of oil stocks should be limited to the amount already agreed in March of this year. The document shows that many countries want the International Energy Agency to carry out impact assessments. According to the memorandum, it is possible to release diesel reserves in advance, but the scale of investment will be limited; no EU country clearly promises to complete the release of reserves within the 20-day window. France and Italy may consider releasing an additional portion of diesel on top of their March commitments, but no final decision has yet been made. French and Italian speakers based in Brussels have yet to respond to requests for comment. An EU spokesperson has also yet to respond to requests for comment. The International Energy Agency will begin discussions on this topic this afternoon.

Last week, the G7 reached an agreement to invest 100 million barrels of crude oil and diesel reserves. EU countries have generally agreed that EU member states are under no obligation to release new oil reserves for this purpose. According to reports, the memorandum shows that at a meeting of EU member state officials on Wednesday morning, all parties widely agreed that subsequent release of oil stocks should be limited to the amount already agreed in March of this year. The document shows that many countries want the International Energy Agency to carry out impact assessments. According to the memorandum, it is possible to release diesel reserves in advance, but the scale of investment will be limited; no EU country clearly promises to complete the release of reserves within the 20-day window. France and Italy may consider releasing an additional portion of diesel on top of their March commitments, but no final decision has yet been made. French and Italian speakers based in Brussels have yet to respond to requests for comment. An EU spokesperson has also yet to respond to requests for comment. The International Energy Agency will begin discussions on this topic this afternoon.