G7 countries have agreed to release 100 million barrels of diesel and crude oil from their reserves over four months. The move aims to ease growing concerns over global energy supplies and rising fuel prices.
The agreement was reached Friday after G7 leaders held a video conference chaired by French President Emmanuel Macron. The leaders also pledged not to impose energy export restrictions among the seven member countries.
The talks followed a conversation between Macron and US President Donald Trump. They focused on coordinating a response to soaring fuel prices affecting the United States and other G7 economies.
The G7 includes Britain, Canada, Germany, Italy, Japan and the United States, alongside France.
G7 Plans Major Release of Oil and Diesel Reserves
Under the agreement, the seven countries will coordinate the release through the International Energy Agency (IEA). The plan covers 100 million barrels and will begin immediately over a four-month period.
A substantial amount of diesel will enter the market during the first 20 days. The measure is intended to address immediate supply concerns as fuel prices continue to rise.
The leaders said the release would be coordinated through the IEA. They also committed to keeping energy trade open between G7 countries.
“We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions,” the leaders said.
“Our citizens’ concerns about energy prices remain a top priority.”
Trump said European countries had agreed to release a “massive amount” of diesel from their reserves.
“The process will begin immediately,” he posted on his Truth Social network.
US Pressure Over Diesel Exports
The agreement followed growing pressure from Washington for European countries to release strategic fuel reserves. Trump had also raised the possibility of restricting US diesel exports.
The potential move created concern in Europe because the European Union relies heavily on fossil fuel imports. European officials therefore opposed the idea of a US diesel export ban.
“We fully reject any ban on diesel,” European Commission spokeswoman Anna-Kaisa Itkonen said, warning it would “undermine our trust in the United States as a reliable partner.”
US Treasury Secretary Scott Bessent had also urged European countries to take action. He argued that American businesses should not bear the impact of a wider diesel shortage.
“American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage,” he said.
Meanwhile, US Energy Secretary Chris Wright discussed the situation with British Energy Secretary Miatta Fahnbulleh. Their talks included the UK’s strategic fuel reserves.
High Fuel Prices Raise Concerns
The pressure from rising fuel costs is also being felt by businesses and consumers. British dairy farmer Keith Blackshaw described the situation as a “vicious circle” as higher fuel costs reach customers.
“I’d like to see Mr Trump support us a little bit more really,” the 69-year-old said. “He looks after his own. Maybe we should do the same, look after our own.”
The latest agreement comes after the IEA announced a much larger reserve release earlier this year. In March, the 32 IEA member countries agreed to release 400 million barrels of oil from their reserves.
That decision marked the organisation’s largest-ever coordinated oil release. However, some of those stocks had yet to reach the market.
IEA chief Fatih Birol said earlier this week that European countries had not yet released part of their allocated stocks. He indicated that those supplies could enter the market soon.
About one-third of the planned release was still awaiting delivery, according to Birol. He also said 80 percent of overall IEA stocks remained available.
Russia Sanctions Add to Market Pressure
Global fuel markets have also faced pressure from restrictions affecting Russian energy supplies. Russia imposed an export ban on diesel after Ukrainian attacks targeted fuel facilities.
The restrictions have added to concerns surrounding diesel availability in international markets. Meanwhile, diesel prices in the United States and Europe have reached record highs in recent weeks.
The G7 leaders said they would continue sanctions against Russia while coordinating with the IEA and other international partners.
“We will maintain sanctions against Russia while working with the IEA and global partners to prevent further spillovers into fuel, gas, and other commodity markets.”
Energy prices have also affected inflation across the eurozone. Prices surged in September, pushing eurozone inflation to 3.8 percent, its highest level in three years.
The G7’s latest reserve agreement is therefore aimed at easing immediate supply concerns while keeping energy markets open between member countries.
For the latest updates, visit and follow The Truth International website (www.thetruthinternational.com) and subscribe to the YouTube Channel.
