G7 to release up to 100m barrels of emergency oil and diesel reserves - The Guardian
G7 to release up to 100m barrels of emergency oil and diesel reserves - The Guardian
Source: The Guardian
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DW NOTE
The G7 last released reserves in March 2022 — 180 million barrels to offset Russian supply disruptions. Prices fell briefly, then climbed higher. This time the shortage is structural: the Hormuz closure has cut supply by 5.7 million barrels per day for 218 days straight, and 100 million barrels covers roughly 17 days of that shortfall. Strategic reserves were designed for temporary shocks, not to paper over a strait that shows no sign of reopening.