G7 Agrees to Release Millions of Barrels of Oil and Diesel

The G7 has announced that it will release up to 100 million barrels of oil and diesel from its reserves over the next four months. The decision was made after US President Donald Trump threatened to ban diesel exports if European countries did not agree to tap their own supplies. The move is aimed at easing supply concerns and stabilizing energy prices, which have skyrocketed in recent weeks.

The release will include a 'substantial' amount of diesel within the first 20 days, with discussions ongoing about additional releases as necessary. The G7 leaders stated that they would implement their commitments with a coordinated release through the International Energy Agency (IEA) of 100 million barrels to begin immediately over four months.

Trump had previously warned that he would ban diesel exports from the US if European countries did not agree to put more of their own stocks onto the market. However, in a statement at the White House, Trump said that an export ban on diesel was 'never really on the table' and that Europe's decision to release fuel from its reserves was 'a great thing'. He added that both Europe and the US would be making a major contribution to global energy supplies.

French President Emmanuel Macron said that the co-ordinated action would bring down the prices of petroleum products, particularly diesel. The UK Foreign Secretary Ed Miliband stated that the measures would 'stabilise energy supplies, build resilience in supply chains and shield households and businesses from price shocks'. However, it is not yet clear which partner countries will release stocks or how quickly.