The Group of Seven has committed to releasing 100 million barrels of oil and diesel over four months, beginning immediately, following US President Donald Trump's threat to ban American diesel exports.
The coordinated release includes a substantial diesel injection within the first 20 days, with further diesel releases possible as needed, according to a joint G7 statement. The International Energy Agency will coordinate the effort. G7 members also agreed to place no export restrictions on energy products among themselves and to coordinate refinery maintenance schedules to prevent simultaneous shutdowns.
Trump had threatened the export ban to pressure European countries to tap their own diesel reserves, arguing that US farmers, truckers and businesses should not bear the cost of surging prices ahead of November's midterm elections. His Treasury Secretary Scott Bessent made the case publicly. On Friday, Trump said on social media that "Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil." Later at the White House, he reversed course, saying the export ban was "never really on the table" and calling Europe's action "a great thing."
French President Emmanuel Macron chaired the G7 meeting and confirmed the agreement on reserve releases "up to 100 million barrels" within four months. The UK's Foreign Secretary Ed Miliband attended and said the measures would stabilize energy supplies and shield households and businesses from price shocks. Macron highlighted that Trump was "very clear" on avoiding export restrictions.
The announcement initially pushed Brent crude below $100 a barrel on Friday, though prices recovered to around $102 by evening due to renewed fighting between Saudi Arabia and Houthis in Yemen, according to Matt Smith, director of commodities research at Kpler.
Diesel supply constraints have intensified globally due to the Middle East conflict and Russia's own export ban on the fuel following Ukrainian strikes on refineries. Diesel is harder to refine than petrol and essential to haulage and agriculture, making demand difficult to reduce. The UK imports over half its diesel, with 31 percent coming from the US, and pump prices exceeded £2 per litre for the first time on Friday.