G7 plans to release 100M barrels of diesel, crude oil amid global energy supply concerns

G7 countries have agreed to release 100 million barrels of diesel and crude oil from strategic reserves over four months to ease global energy supply concerns, while pledging not to impose energy export restrictions between them.Friday’s decision followed a video conference chaired by French President Emmanuel Macron, who convened the talks after speaking with US President Donald Trump.The G7 — Britain, Canada, France, Germany, Italy, Japan and the US — said the coordinated release through the International Energy Agency would begin immediately, with a substantial diesel release in the first 20 days.“We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries,” the leaders said in a statement.Trump had pressed European countries to release fuel from their strategic reserves and floated a possible US ban on diesel exports amid soaring prices.“The process will begin immediately,” Trump said on Truth Social, describing the planned release as a “massive amount” of diesel.EU rejects US pressure on EuropeThe European Union has rejected the prospect of a US diesel export ban, with European Commission spokesperson Anna-Kaisa Itkonen warning that such a move would undermine trust in Washington as a reliable partner.US Treasury Secretary Scott Bessent said American farmers, truckers and businesses should not bear the burden of a global diesel shortage, while US Energy Secretary Chris Wright discussed the crisis with British Energy Secretary Miatta Fahnbulleh.The G7 said it would maintain sanctions against Russia while working with the IEA and other partners to prevent further disruption to fuel, gas and other commodity markets.Diesel prices in the US and Europe have reached record highs in recent weeks, with Russia's export restrictions following Ukrainian attacks on fuel facilities adding to pressure on global markets.The 32 IEA member countries agreed in March to release 400 million barrels from their reserves, the agency's largest-ever coordinated release.

IEA chief Fatih Birol said earlier this week that about one-third of those stocks had yet to reach the market.Energy prices pushed eurozone inflation to 3.8 percent in September, its highest level in three years.