G7 reiterates condemnation of Iran's attacks on its neighbors
- Immediate release of 100 million barrels of reserves through the International Energy Agency over a four-month period
- Early and substantial injection of diesel during the first 20 days, with doubled efforts to ensure freedom of navigation in the Strait of Hormuz
The leaders of the Group of Seven (G7) renewed their condemnation of Iran’s ongoing attacks on its regional neighbors today, Friday, announcing a coordinated package of measures to enhance energy security and market stability.
According to the official statement issued by the G7 leaders, the member countries agreed to coordinate the release, through the International Energy Agency (IEA), of 100 million barrels of reserves. The process is to begin immediately and extend over four months, with large quantities of diesel injected early during the first 20 days by the G7 countries and their partners.
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The statement added that the member countries will meet within the framework of the IEA in the coming days to discuss the possibility of releasing additional diesel quantities if necessary. They also requested the agency to follow up on the immediate and full implementation of commitments made last March.
The group affirmed that it would coordinate maintenance schedules among the refineries of its member countries to avoid simultaneous shutdowns of production capacities, while temporarily increasing operating rates where possible. It also encouraged countries with significant refining capacities to increase global production of refined products, particularly diesel.
It reaffirmed its commitment to refraining from imposing restrictions on energy exports and products among G7 members, calling on all producers to avoid imposing bans that could exacerbate tensions in the markets.
On the political front, the G7 condemned Iran’s ongoing attacks on its regional neighbors, as well as the disruption of international trade, energy security, and the global economy. It called for the immediate and full restoration of navigation rights and principles in the Strait of Hormuz, emphasizing its determination to double its collective efforts to achieve this. It also praised the efforts of the United States to ensure the free flow of trade through the strait.
The group confirmed the continuation of sanctions on Russia, while working with the IEA and global partners to limit the spillover effects on fuel, gas, and other commodity markets.
It requested the IEA to monitor the impact of these measures on energy security and market stability, follow up on the implementation of commitments, and submit a report within 20 days containing recommendations to enhance future responses, including stock replenishment.
G7 leaders stressed that concerns about energy prices remain a priority, affirming their continued monitoring of developments and readiness to adjust measures as needed.
