G7 announces release of 100 million barrels of diesel and crude oil following pressure from United States
The announcement came after G7 leaders held talks to coordinate measures on fuel prices, following the U.S. stepping up pressure on Europe to release its strategic reserves by threatening a ban on diesel exports.
Image of a refinery
The G7 agreed on Friday to release 100 million barrels of diesel and crude oil from their reserves within four months, according to an announcement by their leaders, pledging to "refrain from imposing restrictions on energy exports" and urging others to do the same.
The announcement came after G7 leaders held talks to coordinate measures on fuel prices, following the United States' increased pressure on Europe to release its strategic reserves by threatening a ban on diesel exports.
The seven countries agreed to "a coordinated release through the IEA of 100 million barrels to begin immediately over four months, including a frontloaded substantial diesel release within the first 20 days," they said in a joint statement released by the office of French President Emmanuel Macron.
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The leaders also affirmed that there would be no ban on diesel exports among them.
"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," they added.
"We will monitor developments closely and stand ready to adjust measures as needed."
Talks with Trump
Trump has raised the possibility of banning U.S. exports of diesel, which is used in trucks and other transport vehicles—an alarming prospect for the EU, which relies heavily on fossil fuel imports.
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