G7 agrees to release 100 million barrels of oil and diesel

Group of Seven countries have agreed to release 100 million barrels of crude oil and diesel from emergency reserves over four months, with a substantial amount of diesel to be released within the first 20 days, the group said Friday.

Group of Seven countries have agreed to release 100 million barrels of crude oil and diesel from emergency reserves over four months, with a substantial amount of diesel to be released within the first 20 days, the group said Friday.

The coordinated release, to be carried out through the International Energy Agency, will begin immediately and is aimed at easing pressure on global energy markets as fuel prices rise.

The agreement followed pressure from US President Donald Trump, who had urged European countries to release emergency diesel stocks and threatened to restrict US diesel exports if they did not do so. The G7 also pledged to refrain from imposing energy export restrictions among its members and called on other producers to avoid measures that could further disrupt markets.

US diesel prices recently reached a record $6.52 per gallon on Sept. 22 before falling to about $6.37, according to figures cited in US media reports.

The fuel-price surge has been linked to disruptions caused by the war involving Iran, attacks on refineries and restrictions on energy shipments. Russia’s war in Ukraine has also affected global energy supplies and trade routes.

Trump welcomed the G7 decision on social media, saying Europe had agreed to release a “massive amount” of diesel from its reserves and that the process would begin immediately. He also said the United States would not impose the threatened diesel export ban.

“Europe has a lot of diesel and they’re going to be making a major world contribution — and so are we,” Trump said.

The G7 said the IEA would monitor the implementation and impact of the release and provide a follow-up report within 20 days. Leaders also agreed to coordinate refinery maintenance schedules and consider additional diesel releases if necessary.

Energy analysts have cautioned that releasing emergency stocks can provide short-term relief while reducing the reserves available to respond to future supply disruptions. The G7 said it would maintain sanctions against Russia while working with the IEA and other partners to limit the effects of the energy crisis on fuel and other commodity markets.