G7 agrees to push major refining countries to increase production and boost diesel supply.

G7 leaders held a video conference to address soaring oil prices and energy supply pressures, agreeing to take coordinated action to stabilize markets, ease the burden on households and businesses, and enhance the long-term resilience of the energy system. The G7 will coordinate refinery maintenance schedules, moderately increase capacity utilization, and push major refining countries to boost output, with a focus on increasing diesel supply. At the same time, through the International Energy Agency, they will immediately begin releasing 100 million barrels of oil reserves, to be completed within four months, with the first batch concentrating a large release of diesel within 20 days. Countries reiterated that they will not restrict energy exports within the group and called on producing countries to avoid imposing bans. The International Energy Agency will submit a report on implementation progress and policy recommendations within 20 days, covering arrangements for replenishing reserves.