Paris, Oct. 2 -- Facing severe energy price shocks that threaten global economic stability, Group of Seven (G7) leaders on Friday announced a series of coordinated emergency measures to protect consumers and stabilise global oil markets following a virtual summit.

Placing consumer relief at the top of their agenda, G7 leaders pledged immediate steps to mitigate market shocks, with a major emphasis on easing pressure on global diesel supplies and prices.

"Facing unprecedented volatility in oil markets - with surging prices threatening economic stability and the well-being of our citizens - we have agreed on decisive, coordinated measures to stabilize immediate energy supplies, shield households and businesses from price shocks, and stren...