G7 leaders held a video conference to deal with soaring oil prices and pressure on energy supply, and agreed to take coordinated actions to stabilize the market, ease the burden on households and businesses, and enhance the long-term resilience of the energy system. The G7 will coordinate refinery maintenance arrangements, moderately increase capacity utilization, and push major refining countries to increase production, focusing on increasing diesel supply. At the same time, the International Energy Agency immediately initiated the release of 100 million barrels of oil reserves, which was completed within four months, and a large amount of diesel was released centrally within 20 days of the first batch. Countries reiterated that they would not restrict energy exports within the group and called on producer countries to avoid imposing bans. The International Energy Agency will submit a report on implementation status and policy recommendations within 20 days, covering reserve replenishment arrangements.

G7 leaders held a video conference to deal with soaring oil prices and pressure on energy supply, and agreed to take coordinated actions to stabilize the market, ease the burden on households and businesses, and enhance the long-term resilience of the energy system. The G7 will coordinate refinery maintenance arrangements, moderately increase capacity utilization, and push major refining countries to increase production, focusing on increasing diesel supply. At the same time, the International Energy Agency immediately initiated the release of 100 million barrels of oil reserves, which was completed within four months, and a large amount of diesel was released centrally within 20 days of the first batch. Countries reiterated that they would not restrict energy exports within the group and called on producer countries to avoid imposing bans. The International Energy Agency will submit a report on implementation status and policy recommendations within 20 days, covering reserve replenishment arrangements.