G7 agrees to release 100 million barrels of diesel from European stockpiles
European members of the G7 will coordinate a four-month release of 100 million barrels of diesel oil, beginning immediately, after a video conference with the United States.
European leaders participating in the Group of Seven announced a coordinated release of 100 million barrels of diesel oil from stockpiles, to start immediately and be carried out over the next four months. The plan includes a substantial front-loaded release within the first 20 days, according to a joint statement issued by the Élysée Palace.
The decision followed a video conference of G7 leaders on Friday morning, which was convened after a phone call between French President Emmanuel Macron and U.S. President Donald Trump the previous night. A White House official said Trump discussed the diesel release with Macron and the G7 leaders during those calls.
The G7 statement reaffirmed the members' commitment to avoid export restrictions on energy products between the countries and urged all producers to refrain from imposing bans that could worsen market tensions.
U.S. officials have warned that a potential ban on diesel exports could further elevate global diesel prices, which have been rising sharply and affecting sectors such as agriculture, construction and food-bank operations.