G7 nations agreed to release 100 million barrels of oil and diesel to ease supply pressures caused by a potential US diesel export ban. The move follows talks where European leaders agreed to release reserves to avoid a US export ban that could have pushed global prices higher.
French President Emmanuel Macron convened a video call with G7 leaders after Trump threatened to ban diesel exports unless Europe released reserves. The agreement includes a substantial diesel release within 20 days, with a focus on avoiding export bans and stabilizing prices.
The G7 will coordinate through the International Energy Agency to release 100 million barrels over four months, with a front-loaded diesel release. The move aims to stabilize energy supplies and shield households and businesses from price shocks amid rising global fuel prices.
Trump initially threatened an export ban but later said it was not on the table. The G7 confirmed commitments to release reserves, with Macron emphasizing the importance of avoiding export restrictions and coordinating efforts to manage diesel prices.