G7 Agrees to Release Up to 100 Million Barrels of Crude Oil and Diesel

The Group of Seven (G7) member nations have agreed to release up to 100 million barrels of crude oil and diesel from emergency stockpiles over the next four months in an effort to ease fuel price surges. French President Emmanuel Macron announced the decision at a press conference on Friday, stating that the International Energy Agency (IEA) will coordinate the effort.

'Europe just agreed to release large, well-stocked diesel reserves, the program will begin immediately,' U.S. President Donald Trump posted on Truth Social. The agreement dramatically reduces the likelihood of Washington imposing a diesel export ban, and markets have reacted swiftly following the announcement.

Diesel's premium over crude oil narrowed significantly, with this key gauge of diesel market strength pulling back. This reflects that traders have priced in the additional supply and eased concerns over near-term tightness. The IEA-coordinated reserve release will help curb speculative gains in diesel prices in the short term, but its actual impact will depend on the pace and scale of each country's releases.