G7 Diesel Release Aims to Cut EU Fuel Prices

The European Commission has endorsed a decision by the G7 nations to release substantial diesel and oil reserves, aiming to ease rising fuel prices across the European Union. The move, announced on Friday, involves a coordinated release of 100 million barrels over the next four months, with a priority on diesel in the first 20 days. The agreement came after a video conference chaired by French President Emmanuel Macron, though the exact contribution from each country was not disclosed.

Commission spokeswoman Anna-Kaisa Itkonen welcomed the decision, particularly highlighting the rejection of any export ban threatened by the United States. The US had previously urged Germany and France to release diesel from their emergency reserves to help stabilize global fuel prices. The threat of a diesel export ban was averted, which Itkonen noted as a priority for protecting households and businesses from price shocks.

The surge in diesel prices has been driven by geopolitical tensions, including the war against Iran led by the US and Israel, as well as Russia's aggression against Ukraine. During the meeting, the G7 also urged Iran to lift its blockade of the Strait of Hormuz and reiterated its commitment to maintaining sanctions on Russia while minimizing their impact on fuel markets.