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French President Emmanuel Macron says G7 leaders have agreed to take coordinated steps to ease pressure on fuel prices.
Under the agreement, member states will release up to 100 million barrels of crude oil and diesel from emergency reserves over the next four months, in coordination with the International Energy Agency.
The leaders also agreed to increase refinery output where possible and avoid measures that could restrict energy and petroleum-product trade between partner countries.
The announcement comes after US President Donald Trump called on European countries to release large volumes of diesel from their reserves to help curb rising fuel prices.
