Eu Day Light

European Council President Costa said he welcomed the coordinated measures taken by G7 countries regarding the global energy situation.

In a statement on his social media account, Costa said G7 countries and their partners would release 100 million barrels of strategic reserves onto the market over four months through the International Energy Agency (IEA). Costa said diesel fuel would be prioritized in the reserve release.

Costa stated that G7 countries had committed to refraining from imposing export restrictions on energy and energy products among themselves, adding that all producers had also been urged to avoid bans that could increase market tensions.

Costa thanked French President Emmanuel Macron for his leadership in organizing the meeting. He said EU leaders would discuss how to mitigate the impact of rising energy prices on European citizens, businesses and industry at the European Council meeting to be held on October 15-16.

Costa said the crisis had also demonstrated the importance of reducing dependence on fossil fuels and accelerating the transition to domestic energy sources.