G7 agrees to release 100 million barrels of oil and diesel
The Group of Seven nations agreed on October 2 to release up to 100 million barrels of diesel and crude oil over four months, the French presidency announced. The International Energy Agency will coordinate the release.
A substantial amount of diesel will be released within the first 20 days. President Donald Trump announced the move on Truth Social, writing that Europe had agreed to release a massive amount of heavily stocked diesel immediately.
The decision followed Trump’s threat to ban diesel exports to Europe. French President Emmanuel Macron said the leaders agreed there would be no ban or restrictions on energy exports between G7 members.
US diesel hit a record $6.52 per gallon on September 22, according to AAA, and stood at $6.37 on Friday. Prices have surged during the eight-month war with Iran.
Trump faces the November 3 midterm elections with his economic approval at a new low, according to an AP-NORC poll. The release aims to cool fuel prices quickly.
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