G7 to release up to 100m barrels of emergency oil and diesel reserves
G7 leaders agreed to draw on emergency crude oil and diesel reserves, with the release reaching as much as 100 million barrels. French President Emmanuel Macron convened their video meeting to address rising diesel prices.
The agreement follows US President Donald Trump’s warning that Washington could restrict diesel exports unless European countries used their own stockpiles. The coordinated move is intended to help ease market pressure and avoid export bans.
Macron said the countries would focus on diesel and coordinate their actions. Trump said the releases would begin immediately. The G7 includes the United States, Britain, France, Germany, Italy, Canada and Japan.
Fuel supplies have been disrupted by reduced exports and refinery output in the Middle East and China, as well as attacks on Russian refineries. Diesel prices have climbed in both the United States and the United Kingdom, adding costs for drivers and the broader economy.
Oil prices initially dipped after news of the planned release, then rose again. The article does not specify when the full volume will reach markets; the immediate next step is for countries to begin drawing down their reserves.
Key points
- G7 nations agreed to release up to 100 million barrels from emergency reserves.
- The deal follows Trump’s threat to curb US diesel exports unless Europe tapped its stockpiles.
- Disruptions to fuel supply have pushed diesel prices higher in the US and UK.