Oct 03, Kathmandu - G7 nations have agreed to release 100 million barrels of crude oil and diesel from their strategic reserves over four months, aiming to ease a global energy supply crisis and curb rising fuel prices.

The decision was announced Friday following a video conference chaired by French President Emmanuel Macron. Leaders discussed energy-market volatility, higher fuel costs and the risk of supply shortages.

The release will begin immediately through the International Energy Agency, with a large volume of diesel planned for the first 20 days. The move is intended to boost supplies and reduce upward pressure on prices.

G7 members also pledged not to restrict exports of energy or energy products to one another. The commitment comes after the United States signaled it might limit exports to address rising domestic diesel prices and supply concerns—a possibility that European countries warned could add pressure to global markets.