G7 nations agreed to release 100 million barrels of diesel and crude oil from strategic reserves to counter a potential US export ban. The move follows pressure from President Trump, who threatened to cut off diesel exports to Europe unless they tap their reserves. The release will begin immediately and include a front-loaded diesel release within 20 days.
The agreement was announced after G7 leaders held talks following a video call between Macron and Trump. Macron convened the meeting to address rising diesel prices and Trump's threat to ban exports. The G7 members committed to no export restrictions and will coordinate through the IEA to manage fuel prices.
The decision aims to stabilize global markets and prevent further price spikes. European countries, which rely on imports for diesel, are urged to avoid export bans that could exacerbate market tensions. The IEA will oversee the release, with a focus on diesel to ease prices in Europe and the US.
Trump called the G7 decision a 'great thing' and said a diesel export ban was 'never really on the table'. European officials rejected the ban, warning it would have 'dramatic consequences' for their economy and trust in the US as a partner.