G7 countries to release diesel reserves as prices surge – what we know

• G7 leaders have agreed to release 100 million barrels of strategic petroleum reserves over four months to stabilise global energy markets.
• French president Emmanuel Macron announced the decision following a virtual meeting focused on curbing rising petroleum and diesel prices.
• The coordinated initiative includes an immediate, frontloaded substantial release of diesel within the first 20 days.
• Member countries pledged to avoid energy trade restrictions among partners and to coordinate refinery maintenance schedules to boost production.
• Foreign secretary Ed Miliband represented the UK during the discussions while the prime minister attended his father's funeral.

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