G7 Agrees to Release Up to 100 Million Barrels of Diesel and Crude Over Four Months
The Group of Seven will make available as many as 100 million barrels of diesel and crude oil within four months, aiming to ease elevated fuel prices amid supply disruptions.
The Group of Seven announced on Friday that it will release up to 100 million barrels of diesel and crude oil over the next four months, with a substantial portion of diesel expected within the first 20 days, according to a G7 statement. The move follows a videoconference hosted by French President Emmanuel Macron and is intended to curb sharply rising fuel prices.
"Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil," President Donald Trump said on Truth Social.
"Our citizens’ concerns about energy prices remain a top priority," the G7 statement added.
"American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage," Treasury Secretary Scott Bessent wrote on X.
"A ban would not be beneficial to anyone," a European Commission spokeswoman told reporters.
Oil analyst Andy Lipow said the planned release could replace Russian diesel exports that have been curtailed after Ukrainian drone strikes reduced Russian refining capacity. He estimated the supply boost might lower diesel prices at the pump by about 25 cents per gallon, though it would not increase refinery throughput.
The agreement also includes coordination of refinery maintenance schedules among member nations to avoid simultaneous shutdowns and to raise utilization rates where possible. Brent crude futures closed flat at $102.25 per barrel on Friday, remaining more than 60% higher than at the start of the year.
The decision comes amid ongoing geopolitical tensions, including the United States and Israel's strike on Iran on Feb. 28 and the continued impact of the Russia-Ukraine conflict on global energy markets.