G7 Agrees to Release 100 Million Barrels of Fuel Amid US Pressure

The G7 countries have agreed to release 100 million barrels of diesel and crude oil from their reserves over four months in an effort to alleviate fuel prices.

This decision was made after the United States threatened to impose a diesel export ban on Europe, which would have had 'dramatic consequences' for EU economic performance.

The US pressure on Europe to release its strategic reserves was led by Treasury Secretary Scott Bessent, who tweeted that European partners should accelerate delivery on their existing commitments and make additional supplies immediately available.