G7 Countries Agree on Release of Diesel and Oil Stocks after U.S. Pressure

Group of Seven (G7) countries agreed on Friday to release 100 million barrels of diesel and crude oil from emergency reserves and pledged to refrain from energy export restrictions after extreme pressure from President Donald Trump.

The U.S. led a pressure campaign on the European Union (EU) to draw down emergency diesel inventories, with the Trump administration threatening that failure to act could lead to a U.S. ban on diesel exports. Such a ban could sharply reduce supplies to Europe, which has become increasingly reliant on U.S. diesel, and potentially inflict high economic costs on the bloc.

Trump is seeking to cool surging fuel prices ahead of the November midterm elections, which are threatening Republican support. The U.S./Israel ward with Iran sparked the biggest emergency stock release ever of 400 million barrels in March, coordinated by the International Energy Agency (IEA).

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