PARIS: The Group of Seven nations agreed on October 2 to release 100 million barrels of crude oil and fuel from emergency reserves over four months in a coordinated effort to ease rising energy prices, according to Hurriyet Daily News.
French President Emmanuel Macron announced the agreement following a virtual meeting of G7 leaders. The release will begin immediately under International Energy Agency (IEA) coordination, with substantial diesel supplies expected to reach the market within the first 20 days.
U.S. President Donald Trump said on Truth Social that Europe had agreed to release a “massive amount” of diesel from its stocks. “The process will begin immediately,” he wrote.
The agreement came after Washington pressured European countries to release reserves, with Trump raising the prospect of restrictions on U.S. diesel exports to help lower domestic fuel prices. Before the announcement, European Commission spokeswoman Anna-Kaisa Itkonen warned that an export ban would damage relations.
“A ban would not be beneficial to anyone. It would undermine our trust in the United States as a reliable partner,” she told reporters in Brussels.
Itkonen said the EU was ready to coordinate action through the IEA, which would organize any release of reserves.
In their joint statement, G7 leaders reaffirmed their commitment to avoid restrictions on energy exports between member countries and urged other producers to refrain from bans that could worsen market pressures.
They also agreed to coordinate refinery maintenance to prevent simultaneous shutdowns and temporarily increase production where possible.
The group will discuss possible additional diesel releases through the IEA in the coming days.
The move comes as global energy markets face renewed pressure from supply disruptions and geopolitical tensions. By releasing strategic reserves in a coordinated manner, the G7 aims to stabilize prices and ensure adequate fuel supplies reach consumers.
