G7 agrees to release 100 million barrels of oil and fuel after Trump pressure
Trump welcomed the announcement in a post on Truth Social
The Group of Seven major economies on Friday agreed to release 100 million barrels of crude oil and fuel from emergency reserves over four months to ease soaring fuel prices, following pressure from US President Donald Trump.
French President Emmanuel Macron announced the agreement on Friday and said participating countries had also agreed not to restrict oil exports.
The releases will begin immediately and be coordinated through the International Energy Agency, with a “substantial” release of diesel reserves within the first 20 days, according to a G7 statement.
The White House had reportedly asked Europe to unlock at least 100 million barrels and threatened to ban US diesel exports if European countries failed to comply.
Trump welcomed the announcement in a post on Truth Social.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately. Thank you for your attention to this matter!” he wrote.
The agreement came as Trump sought to bring down high diesel prices ahead of November’s midterm elections, which will determine control of Congress.
G7 leaders said the releases would take account of commitments already fulfilled under an earlier pledge made in March.
The Wall Street Journal reported that wars in the Middle East and Ukraine had disrupted shipments from regions that normally account for almost a third of global diesel exports, driving up costs for businesses, farmers and households. Analysts cited by the newspaper said restrictions on US exports would offer only temporary relief.