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G7 Agrees to Release 100 Million Barrels from Emergency Oil Reserves
G7 countries agree to release 100 million barrels of diesel and crude oil from emergency reserves. The decision is taken by the Group of Seven, an informal grouping of advanced economies.
Group of Seven:
| Dimension | Key Details |
|---|---|
| Nature | G7 is an informal grouping of seven of the world’s advanced economies. |
| Members | Members comprise Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. |
| Founded | G7 is founded in 1975 in response to the oil crisis. |
| Russia membership | Russia is a member from 1998, the group temporarily becomes the G8, and in 2014, the group returns to the G7 format. |
| Initial focus | G7 originally deals exclusively with issues related to the development of the global economy. |
| Major focus areas | G7 now covers foreign and security policy, trade, climate, and development. |
| Governance structure | G7 has no firmly established secretariat, procedural guidelines, or administrative structures. |
| Presidency | Its presidency rotates each calendar year among the member states. |
| EU and rotating presidency | The EU does not hold the rotating presidency of the G7. |
| Agenda-setting | The changing agenda and thematic priorities of the G7 are determined by the respective presidency. |
| Decision-making | Decisions are usually taken by consensus. |