According to a statement issued after a virtual meeting of G7 leaders, the oil will be released into the market in a coordinated manner, with priority given to releasing a significant portion of diesel reserves during the first 20 days.
The G7 countries and their partners will also consider releasing additional diesel into global markets if necessary. A meeting is expected to be held under the framework of the International Energy Agency to assess further measures.
The G7 said its members would avoid imposing restrictions on exports of energy and energy-related products. It also called on oil-producing countries to refrain from measures that could further increase tensions in global energy markets.
The group agreed to coordinate refinery maintenance schedules to prevent multiple refineries from being shut down at the same time and called for refinery production capacity to be increased wherever possible.
The International Energy Agency will monitor implementation of the measures and assess their impact, with a progress report expected within 20 days.
G7 leaders also called for the immediate and full restoration of rights of maritime transit through the Strait of Hormuz and pledged to intensify joint efforts toward that goal.
The statement added that the G7 would maintain sanctions on Russia while continuing to work with the International Energy Agency and other partners to limit the impact of the crisis on global fuel, gas and commodity markets.