The release will be facilitated by the International Energy Agency (IEA), with a substantial amount of diesel to be made available within the first 20 days, according to a G7 statement.

EU ambassadors also met on Friday to discuss the global energy situation. According to an announcement from Ireland, which currently holds the rotating EU presidency, diesel supplies are “very tight”, driving up prices worldwide.

Ireland pledged to maintain close cooperation and coordination with all EU member states and the European Commission to address the issue.