G7 to release up to 100m barrels of emergency oil and diesel reserves

Leaders of the G7 nations have agreed to release up to 100 million barrels of their emergency diesel and crude oil stockpiles in response to rising fuel prices that are putting pressure on households and economies. This coordinated drawdown will be managed by the International Energy Agency (IEA) and is expected to occur within the next four months.

The announcement was made by Emmanuel Macron, the President of France and current chair of the G7, following a video meeting with other leaders on Friday. The G7 includes the United States, United Kingdom, Germany, Italy, Canada, and Japan. Macron emphasized the need for G7 nations to work together to reduce petroleum product prices, particularly diesel.

European countries have faced pressure from the White House to release emergency supplies or risk a potential ban on diesel exports from the U.S. Donald Trump has indicated he may consider halting diesel exports to lower domestic fuel prices ahead of the U.S. midterm elections in November.

Macron stated that G7 members would prioritize a significant diesel release within the first 20 days. He also mentioned that leaders agreed to enhance production flexibility to maximize refinery output and to avoid any measures that would restrict energy exchanges between partner countries.