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The Group of Seven countries agreed Friday to release 100 million barrels of crude oil and diesel from their reserves over four months, with the process set to begin immediately after U.S. President Donald Trump urged European countries to release their diesel stocks.
The process is set to begin immediately and the release will be coordinated through the International Energy Agency (IEA) and will include a substantial amount of diesel during the first 20 days, according to a joint statement issued by the G7.
The seven countries also agreed to refrain from restricting diesel exports between them and called on other energy producers to avoid measures that could add to market tensions.
The agreement came after U.S. President Donald Trump urged European countries to draw down their diesel reserves as fuel prices rose. Macron then convened a video call with G7 leaders after speaking with Trump.
The group also included Britain, Japan, Canada, Germany and Italy.
In a post on Truth Social, Trump referred to the G7 discussions, saying Europe had agreed to release a "massive amount" of diesel from its heavily stocked reserves.
"Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately," Trump wrote.
The announcement followed Trump’s remarks Thursday that he might ask European countries to tap their diesel reserves to help bring down fuel prices.
Trump had also floated a ban on U.S. diesel exports, a prospect that raised concerns in the European Union, which relies heavily on fossil fuel imports.
The latest move follows an emergency oil-stock release launched in March after the war in the Middle East severely disrupted global energy supplies and sharply reduced oil flows through the Strait of Hormuz.
The IEA’s 32 member countries agreed in March to make 400 million barrels available, the largest coordinated release in the agency’s history.
The United States accounted for 172 million barrels of that commitment through its Strategic Petroleum Reserve, with the Energy Department planning to deliver the oil over roughly 120 days.
The IEA later reported that U.S. releases had begun in late March, alongside stock releases by Japan and European countries.
The stock releases were intended to cushion the market against the loss of supplies caused by the conflict and prevent disruptions from feeding through into fuel prices.
The IEA has stressed that the emergency stocks provide only a temporary buffer, with the restoration of normal shipping through the Strait of Hormuz remaining the key factor for a lasting improvement in supply conditions.
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