G7 countries agree not to restrict energy exports

G7 countries agree not to restrict energy exports The decision comes amid a sharp rise in prices and high volatility in oil marketsPARIS, October 2. /TASS/. The G7 group of nations has reaffirmed the commitment not to impose restrictions on exports of energy and energy products between member states, according to a joint G7 leaders' statement. "We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions," said the statement. The decision comes amid a sharp rise in prices and high volatility in oil markets. G7 leaders also agreed on a coordinated release of 100 mln barrels of diesel and other reserves through the International Energy Agency (IEA) within four months. Significant volumes of diesel fuel are expected to be released within the first 20 days. Reuters reported on Thursday, citing sources, that the administration of US President Donald Trump had urged France and Germany to begin releasing emergency diesel fuel stocks, warning that Washington might otherwise restrict exports from the United States. The US side pressed its European allies to use their reserves to lower global fuel prices. 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