G7 nations will release 100 million barrels of oil from emergency stockpiles, leaders agreed on October 2. French President Emmanuel Macron chaired the emergency meeting. The oil will be released over four months through the International Energy Agency. It includes both crude oil and diesel. The move aims to cool surging fuel prices. Diesel prices in the US have hit a record above $6.50 per gallon. High energy costs are fuelling inflation across major economies. They are squeezing households and businesses alike. The coordinated release is one of the largest in IEA history. Member countries will contribute from their strategic reserves. The IEA said the release should help calm markets. Oil prices dipped on the news. Analysts say more action may be needed if prices stay high. The next review of the release is due in January. Energy ministers will meet again in January to decide whether the release needs to be extended.