G7 nations agreed to release 100 million barrels of diesel as US pressure mounts over rising fuel prices. The move comes amid heightened tensions following the US-Iran war and concerns over energy security. The release is coordinated through the International Energy Agency and will include a frontloaded substantial diesel release within the first 20 days.
The announcement follows a meeting chaired by French President Emmanuel Macron, with the G7 committing to a coordinated release over the next four months. Trump highlighted the move, claiming Europe had agreed to release a massive amount of diesel, though European officials have rejected threats of export restrictions. The release is part of efforts to alleviate soaring prices caused by shipping constraints in the Strait of Hormuz.
The G7 statement emphasizes monitoring developments and adjusting measures as needed. The release is intended to address emergency reserves, with EU countries holding significant stockpiles. The move comes as global energy prices rise, impacting industries reliant on diesel, including transportation and construction.
EU officials have rejected Trump's threat to ban US diesel exports unless European countries release reserves. The EU maintains that its emergency oil stocks cover at least 90 days of net imports, with significant reserves held by member states.