G7 nations agreed to release 100 million barrels of oil, including diesel, over four months to ease global energy supply concerns. The move follows pressure from the U.S. on Europe to release strategic reserves and a threat of a diesel export ban.
The agreement was announced after a videoconference chaired by French President Emmanuel Macron, following a conversation between Trump and Macron. The G7 leaders pledged not to impose export restrictions on energy products between member countries.
The release will be coordinated through the International Energy Agency, with a front-loaded diesel release within the first 20 days. The move aims to address rising fuel prices, which have been exacerbated by the U.S.-Israeli war with Iran.
The G7 statement reaffirmed a commitment to refrain from export restrictions on energy products between countries, rejecting any ban on diesel exports. The U.S. had previously threatened a diesel export ban, which the EU opposed, warning it would undermine trust in the U.S. as a reliable partner.