G7 Nations Agree to Release 100 Million Barrels of Oil and Diesel

Group of Seven nations agreed to release up to 100 million barrels of oil and diesel from strategic reserves over four months, with a substantial amount of diesel to be released within the first 20 days.

The coordinated release, announced Friday, aims to address soaring global fuel prices, particularly for diesel, which has hit record highs in the United States and Europe. U.S. President Donald Trump announced the action on social media, stating the diesel release would happen immediately. The G7 also pledged to refrain from energy export restrictions among member countries, a move that followed pressure from the U.S. administration.

Trump had warned of a potential U.S. ban on diesel exports if European allies did not tap their own emergency supplies. The decision comes as gas prices have risen during the eight-month-long war with Iran and the Russia-Ukraine war. The national average for a gallon of diesel in the U.S. was $6.37 on Friday, after reaching a record $6.52 on September 22.

French President Emmanuel Macron, whose country holds the rotating G7 presidency, stated the common decision and unity should bring down prices. The release will be coordinated through the International Energy Agency. The G7 countries include Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, with EU representation.